Chorus FY26 full year results

Chorus Limited
Level 10, 1 Willis Street
P O Box 632
Wellington
New Zealand

Email: company.secretary@chorus.co.nz


STOCK EXCHANGE ANNOUNCEMENT

24 August 2026

Chorus FY26 full year results

The following are attached in relation to Chorus’ FY26 full year results:

1. Media Release
2. Investor Presentation
3. Annual Report (including Sustainability Report and audited financial statements)
4. NZX Financial Results Announcement
5. NZX Distribution Notice
6. Climate Statements.

Chief Executive Officer, Mark Aue, and Chief Operating Officer, Drew Davies, will
discuss the FY26 full year results by webcast at 10.00am New Zealand time today.

Webcast – watch the webcast live at: https://ccmediaframe.com/?id=Nr5jdv1A

Teleconference – to access the teleconference, please pre-register online at
https://s1.c-conf.com/diamondpass/10055949-8if6h9.html to receive the dial-in
number, passcode and PIN as a calendar invite.

Authorised by:

Drew Davies
Chief Operating Officer

ENDS

For further information:

Shannon Goldstone
Head of Corporate Affairs & Sustainability
Phone: 0800 763 000
Email: Shannon.Goldstone@chorus.co.nz

Aleida White
Head of Investor Relations
Mobile: +64 21 155 8837
Email: Aleida.White@chorus.co.nz

---

24 August 2026
Strong financial performance underpinned by disciplined execution
Chorus today reported growth in revenue, EBITDA and net profit for the year ended 30 June 2026 (FY26), reflecting
continued fibre uptake, disciplined execution and capital allocation as the company moves to a simpler all -fibre
business.
Chief Executive Mark Aue said the result demonstrated the resilience of Chorus’ business model and the deliberate
action taken across the business to manage costs in a challenging macroeconomic and geopolitical environment.
“FY26 marked the start of the second horizon of Chorus’ strategy, extending through to FY29, focused on growth,
simplicity and efficiency. We are building momentum towards a simpler, more focused business, while continuing to
invest in the digital infrastructure New Zealand will rely on for decades,” said Mr Aue.
Growth: fibre remains the foundation of current and future demand
Operating revenue increased to $1,029 million, with 6% growth in fibre revenues more than offsetting the continued
decline in legacy service revenues. Closing fibre ARPU increased from $58.28 in June 2025 to $59.51 in June 2026.
Total fibre connections increased by approximately 32,000 during FY26 to 1,147,000, representing 96% of Chorus’
total connections.
“Fibre uptake is now at 75.9%
1
of addresses where Chorus fibre is available, bringing our aspiration of 80% by 2030
another step closer,” said Mr Aue.
He said that based on global trends the company expected artificial intelligence and data centre growth to create the
next wave of digital connectivity demand, reinforcing the importance of New Zealand’s fibre infrastructure.
“As New Zealand’s largest fibre network provider, Chorus is well positioned for this next phase of digital growth. Our
network spans more than 200,000 kilometres of fibre across the nation, including a robust backbone transport layer
connecting homes, businesses and critical infrastructure. Fibre’s low latency and symmetrical capability make it well
placed to support the more balanced data flows that AI-enabled applications will demand,” he said.
Average monthly data usage on the Chorus network increased 9% year on year to 731 gigabytes in June 2026, while
upload traffic continued to grow faster than download traffic.
Chorus also launched several adjacent infrastructure services over the period, including Express Connect, a purpose
built Data Centre service giving businesses a fast and reliable way to move data; Unified Transport, a simplified data
transport product; and TimeSync, a national precision timing service. Chorus continues to explore additional
opportunities through a disciplined investment framework, including a feasibility assessment for a potential new inter-
island subsea cable, and trials for battery energy storage systems that could leverage the large Chorus property
portfolio.
“These services are about making it easier for customers to move more data, connect more sites and support the next
generation of digital services,” Mr Aue said.
At the same time, Chorus is focused on helping New Zealanders who still face barriers to getting connected.

1
Total address base adjusted in Q4 FY26 to remove ~53k non-serviceable/vacant lots where a premise cannot be connected. FY25 has also
been restated.

Key FY26 Results
• Operating revenue of $1,029 million, up $15 million on FY25
• Operating expenses of $303 million, down $6 million on FY25
• EBITDA of $726 million, up 3% on FY25
• Net profit after tax of $37 million (FY25: $4 million)
• Net cash flows from operating activities increased 4% to $740 million
• Unimputed final dividend of 36 cents per share, total FY26 dividend 60 cents per share (FY25: 57.5cps)
• Total fibre connections increased by approximately 32,000 to 1,147,000
• Fibre uptake increased to 75.9% of serviceable addresses
• Continued uplift in data traffic, average monthly data usage up 9% vs FY25 to 731 gigabytes in June 2026

“As connectivity becomes increasingly fundamental to learning, working, accessing services and staying connected to
communities, we are focused on practical ways to help more people access and benefit from fibre,” he said.
During the year, Chorus launched Equity Fibre 100, an affordable wholesale broadband product for eligible low-income
households. Developed alongside community partners, the product forms part of Chorus’ long-term commitment to
equitable connectivity across Aotearoa. Six retailers have signed on to offer products based on Equity Fibre 100, and
Chorus is encouraging additional retailers to help broaden access.
Simplicity: progressing towards an all-fibre future
The company has brought forward its nationwide copper retirement date to 2028, reflecting the pace of copper
connection decline and the progress made migrating customers to fibre and other modern technologies.
Copper connections declined by 48,000 nationwide during FY26. The copper-to-fibre transition is now largely complete
across New Zealand’s fibre footprint, with fewer than 1,000 copper connections remaining to migrate to fibre across all
fibre companies’ networks and 43,000 copper connections remaining in areas where fibre is not available.
The transition continues to be supported by community engagement, clear customer information and close
collaboration with retailers and alternative providers to help remaining copper customers move to modern services.
As copper retirement progresses, Chorus is also simplifying the property footprint that supported the legacy network.
The company is working through a multi-year property optimisation programme, including opportunities to exit or
repurpose sites no longer required in an all-fibre environment.
Efficiency: disciplined execution supports performance
Operating expenses reduced by $6 million to $303 million during FY26, reflecting lower network maintenance costs
associated with declining copper fault volumes, reduced consulting and discretionary expenditure, and benefits from
Chorus’ operating model changes.
Capital expenditure reduced by $40 million to $375 million, driven by lower discretionary growth expenditure and
project phasing, while net cash flows from operating activities increased 4% to $740 million.
Mr Aue said Chorus remained focused on disciplined investment and operational efficiency as it executes this phase of
its strategy.
Chorus also continued to improve its sustainability performance as it transitions towards an all-fibre business. Practical
energy-efficiency initiatives, including copper retirement, legacy equipment removal and cooling optimisation, helped
reduce electricity use by 7% from FY25. Scope 1 and 2 emissions reduced to 5,998 tCO₂e, a 43% reduction from
Chorus’ FY20 baseline.
Final dividend
Chorus has confirmed it will pay an unimputed final dividend of 36 cents per share on 6 October 2026 to all
shareholders registered at 5:00pm on 15 September 2026. This brings the total dividend for FY26 to 60 cents per
share. The shares will be quoted on an ex-dividend basis from 14 September 2026. The dividend reinvestment plan
will not be available for the final dividend.
Outlook
Looking ahead, Chorus expects FY27 EBITDA of between $730 million and $760 million, gross capital expenditure of
$375 million to $415 million and an FY27 dividend of a minimum of 62 cents per share, subject to no material adverse
changes in circumstances or outlook. The company also expects to partially impute the FY27 dividends.
“As demand for high-capacity, reliable, low-latency connectivity grows, we are confident in the long-term outlook for
fibre and in our ability to create enduring value for our customers, communities and shareholders. The future is
increasingly digital, AI-enabled and dependent on fibre. Chorus is uniquely positioned to power that future,” Mr Aue
said.
ENDS

---

FY26 RESULTS PRESENTATION
FY26 Results
Presentation
For the 12 months ended 30 June 2026
Unleashing potential through connectivity
Enabling better futures for Aotearoa

FY26 RESULTS PRESENTATION
Disclaimer
2
This presentation:
•Is provided for general information purposes and does not constitute investment advice or an offer of or invitation to purchase
Chorus securities.
•Includes forward-looking statements. These statements are not guarantees or predictions of future performance. They involve
known and unknown risks, uncertainties and other factors, many of which are beyond Chorus’ control, and which may cause
actual results to differ materially from those contained in this presentation.
•Includes statements relating to past performance which should not be regarded as reliable indicators of future performance.
•Is current at the date of this presentation, unless otherwise stated. Except as required by law or the NZX Main Board and ASX
listing rules, Chorus is not under any obligation to update this presentation, whether as a result of new information, future
events or otherwise.
•Should be read in conjunction with Chorus’ audited consolidated financial statements for the year ended 30 June 2026 and NZX
and ASX market releases.
•Includes non-GAAP financial measures such as "EBITDA”. These measures do not have a standardised meaning prescribed by
GAAP and therefore may not be comparable to similar financial information presented by other entities. They should not be
used in substitution for, or isolation of, Chorus' audited consolidated financial statements. We monitor EBITDA as a key
performance indicator, and we believe it assists investors in assessing the performance of the core operations of our
business.EBITDA is reconciled in the Notes on page 50 of the FY26 annual financial statements.
•Has been prepared with due care and attention. However, Chorus and its directors and employees accept no liability for any
errors or omissions.
•Contains information from third parties Chorus believes reliable. However, no representations or warranties (express or implied)
are made as to the accuracy or completeness of such information.

FY26 RESULTS PRESENTATION
Agenda
3
Mark Aue, CEO •Our strategy, FY26 overview and our purpose
•LEAD
•EXPAND
•ADAPT
•PIONEER
4-8
9-12
13
14
15-16
Drew Davies, COO •Financial results
•Capex, leverage and debt
•Simplifying our business, dividend and FY27 guidance
18-20
21-24
25-26
Mark Aue, CEO •AI
•Outlook
28-30
31-32
Appendices •Pricing data
•Connections data
•Interest rate hedges
•NZ macro data
34
35-36
37
38

FY26 RESULTS PRESENTATION
Our strategy

FY26 RESULTS PRESENTATION
1,147
1,115
1,084
1,031
959
FY26
FY25
FY24
FY23
FY22
5.1
4.9
4.8
4.4
0.9
1.0
1.1
1.3
2025
2024
2023
2022
REGULATORY ASSET
BASE-RAB ($b)
2
CORE RAB
FINANCIAL LOSS ASSET
740
709
673
658
668
FY26
FY25
FY24
FY23
FY22
NET CASH FLOWS
FROM OPERATING
ACTIVITIES ($m)
37
4
(9)
25
64
FY26
FY25
FY24
FY23
FY22
NET PROFIT/(LOSS)
($m)
60.0
57.5
47.5
42.5
35.0
FY26
FY25
FY24
FY23
FY22
DIVIDEND (cps)
375
415
427
454
492
FY26
FY25
FY24
FY23
FY22
GROSS CAPEX ($m)
726
705
700
672
675
FY26
FY25
FY24
FY23
FY22
EBITDA
1
($m)
1,029
1,014
1,010
980
965
FY26
FY25
FY24
FY23
FY22
REVENUE ($m)
FY26 result demonstrates strength of Chorus
5
Another strong annual
performance
underpinned by
disciplined execution
•Fibre revenue growth
+6%, fibre uptake at
75.9%
•Continued cost
management from
efficiencies, lower copper
& discretionary spend,
partly offset by non-
tradeable inflation
•Net cash flows from
operating activities +4%
vs FY25
•Gross capex $375m,
lower YoY due to project
phasing
•Core RAB & Total RAB
continue to grow
•Total dividend up 4%
to 60cps for FY26
+3% vs FY25+3% vs FY25+4% vs FY25+$33m vs FY25
1.Earnings before interest, income tax, depreciation and amortisation (EBITDA) is a non-GAAP profit measure without a standardised meaning for comparison between companies. We monitor EBITDA as a key
performance indicator and we believe it assists investors in assessing the performance of the core operations of our business
2.Closing amount as at 31 December
FIBRE CONNECTIONS (k)
NET CASH FLOWS FROM
OP. ACTIVITIES ($m)

FY26 RESULTS PRESENTATION
Horizon 2 delivering simplicity and efficiency
6
PROGRESS ON GROWTH, SIMPLICITY & EFFICIENCY
•75.9% fibre uptake, ~400k opportunities (winback & brownfield & infill)
•simplified suite of products and plans in market
•new retailer incentives introduced
•improving NZ digital inclusion (digital Equity Fibre product)
•solid debt profile; EMTN300 refinanced
•positive regulatory change (removal of shareholder cap complexity)
•accelerating copper retirement, <1k lines in fibre areas
•scaling copper recycling programme
•multi-year programme for property optimisation underway
BUILDING MOMENTUM IN INFRASTRUCTURE
•expandedExpress Connectto more data centres
•customer innovation through Unified Transport product
•launching TimeSync for network synchronisation
•feasibility assessment for a new North - South Island Subsea cable
•deployment trial for small scale Battery Energy Storage Systems
(BESS)

FY26 RESULTS PRESENTATION
7
Embedding our Purpose with tangible outcomes

FY26 RESULTS PRESENTATION
Delivering value beyond financial performance
8
* for detailed Chorus’ climate related information, please refer to the Climate Statements available at company.chorus.co.nz/sustainability
SBTi: 62% REDUCTION BY FY30
962
743
9,574
5,255
FY20FY26
Scope 1Scope 2
SCOPE 1 & 2 EMISSIONS
REDUCTION FROM FY20 BASE
YEAR (TONNES CO
2
e)
43%
96% TOTAL WASTE
DIVERTED FROM
LANDFILL
7% ELECTRICITY
REDUCTION VS
FY25*
ONLY 44k COPPER
CONNECTIONS
REMAINING
8.4/10
ENGAGEMENT
SCORE
(TOP QUARTILE)
2.16 TRIFR vs
INDUSTRY
BENCHMARK 17.9
3,055 DIGITAL EQUITY
CONNECTIONS

FY26 RESULTS PRESENTATION
Fibre growth continues; uptake now at 75.9%
9
* based on independent address data and Chorus network data for addresses passed by fibre; excludes Chorus fibre in Local Fibre Company (LFC) areas
** not active at year end
70
71
72
73
74
75
76
0
250,000
500,000
750,000
1,000,000
1,250,000
1,500,000
30-Jun-2430-Jun-2530-Jun-26
Fibre connectionsInactive fibre sockets**
Addresses passedFibre uptake (%)
FIBRE UPTAKE IN CHORUS FIBRE AREA
(% ADDRESSES PASSED)
Addresses
passed
%
uptake
•fibre uptake at 75.9% (FY25:74.3%): earlier UFB1 areas
+1.4% to 77.3%, later UFB2 areas +1.6% to 67.5%
•Wellington and Dunedin uptake at 79%
•fibre footprint grew 12k from FY25 to 1,499,000 addresses
passed* at 30 June 2026
CHANGE IN MASS MARKET CONNECTIONS IN CHORUS
FIBRE AREA (‘000s)
50
3232
-33
-15
-5
-16
-13
-7
-50
-30
-10
10
30
50
FY24FY25FY26
FibreCopper broadbandCopper voice
•lower proportion of FY26 fibre connections came from copper
than in prior years
•fibre footprint growth focus on ~200k “winback” and ~200k
“brownfield & infill” opportunities (~400k premises)

FY26 RESULTS PRESENTATION
Plan mix stable; ~85% on 500Mbps or higher
10
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
Jun-24Jun-25Jun-26
FIBRE CONNECTIONS BY PLAN*
2Gbps+1Gbps500Mbps300Mbps
200Mbps100Mbps<100MbpsVoice
* Residential 50Mbps & 300Mbps plans were boosted to 100Mbps & 500Mbps respectively in mid-Jun’25
**Consumer Monitor Survey, Jun’26
500Mbps
61%
1Gbps+
25%
•100Mbps HFS plan at 148k
•plan simplification with legacy 100 plan customers migrated
to 500Mbps plan
•stable demand for 1Gbps+
•hyperfibre – building premium growth platforms:
•2Gbps, 4Gbps & 8Gbps symmetrical plan speeds
•~9k connections, up ~40% vs FY25; growing interest
from retail service providers driven by increasing data
usage at premium end of market
•nationwide availability, with ~54% addresses network-
ready, up 40% vs FY25
•long-term demand supported by increasing data usage,
more connected devices & AI-driven upload requirements,
targeting 80% addresses & ~70k connections by 2030
•66% customers prefer fibre as their first choice internet
connection compared with 12% for FWA**
100Mbps
14%
POSITIVE FIBRE CONNECTION TRENDS

FY26 RESULTS PRESENTATION
11
Data usage continues to rise; 731GB in Jun’26
344
731
200
300
400
500
600
700
800
Jun-21Jun-22Jun-23Jun-24Jun-25Jun-26
CopperFibre
MONTHLY AVERAGE DATA USAGE PER CONNECTION
(GIGABYTES)
•average peak usage up 11% YoY to 4.1Tbps in FY26
•peak traffic events occurred during bad weather periods (esp
Jan’26), from large game updates & live sport streaming events, eg
Warriors game in Jun’26
•average daily usage up 12% YoY to 26PB in FY26 with noticeable
days including FIFA World Cup Sundays
DATA TRAFFIC
(PETABYTES*)
8,741
9,600
FY25FY26
+9.8%
* 1 petabyte = one million gigabytes
•monthly average fibre data usage continues to grow:
731GB in Jun’26, up 9% vs 671GB in Jun’25; rising to 760GB
in Jul’26, up 11% from Jul’25
•~21% of fibre customers used >1 terabyte of data in
Jun’26 (Jun’25: ~19%); 5% used >2 terabytes of data
+859
petabytes
= 32,000
years of HD
streaming

FY26 RESULTS PRESENTATION
Streaming events increase data, legacy
broadcast TV retirement ahead
12
•FIFA World Cup reported global reach of 2026 event with 20
billion video views across all platforms
•paywall delivery capability in NZ support future legacy retirement
•stable through fibre
•5GB of data each game in high resolution
•180k concurrent streams for the final, 30% increase in
network traffic, 1.2PB added to total daily data usage
•shift from legacy broadcast TV to IP-based delivery creates
a new fibre growth opportunity
•Sky’s 4K Ultra High Definition rollout & TVNZ’s interactive
streaming are creating data consumption
•next wave of usage growth will come from today’s low & medium
data use households
•fibre is built for high-bandwidth streaming, FWA is not
FIFA WORLD CUP ESTIMATED CONCURRENT STREAMS ON
CHORUS NETWORK

FY26 RESULTS PRESENTATION
Growing Infrastructure portfolio & services
13
* source: StatsNZ
•Express Connect available in8 data centres, giving
businesses a fast, reliable way to move data from order to
service, expansion toadditional sites throughout FY27
•Unified Transportlaunched1 July 2026, offering a
streamlined, simplified transport product for customers
•Mobile infrastructurecontinued backhaul fibre demand
to new cell sites, alongside 5G infill and expansion with
~250 new sites built
•Regional Edge Centressteady rack-space demand, with
active exploration ofthird-party partnershipsto accelerate
edge commercialisation
•New Property Development22k lots passed in FY26,
strengthened relationships with developers, partnerships
re-signed; building consent vols up 19% (12mths to Jun’26)*;
continue to target delivery of 20-25k p.a.
•Smart locations(e.g. digital billboards, CCTV) steady demand
for reliable, resilient fibre to connectivity; 3,400 cellsite
connections atJun’26
SCALE INFRASTRUCTURE GROWTH ENGINES THROUGH
DATA CENTRES & CONNECTIVITY
PROTECT AND GROW FIBRE EXPANSION

FY26 RESULTS PRESENTATION
Simplifying Chorus for the future
14
Telco sector review:
•Ministry for Regulation issued final report on review of the
telecommunications sector in March 2026, 22 recommendations
with Government
•opportunity to streamline legacy regulatory settings
•Removal of regulatory ownership cap restrictions of 10% &
49.9%; proposed amendment via ASM special resolution in
Nov’26
Fibre services simplification:
•Input Methodologies review and targeted deregulation reviews
(transport and voice) ongoing
•draft decisions indicate modest improvements to streamline &
simplify requirements
Copper services deregulation:
•actively working with Government toestablisha clear, efficient
process for retiring copper services outside fibre areas
Matt Bolton
Executive GM,
Infrastructure
OPERATIONAL EXCELLENCE, TEAM CHANGES
•continued operating model evolution, advancing capability:
•new Executive Team member, Matt Bolton, appointment
made since HY26
•continued AI integration, leveraging core IT infrastructure
for AI enablement
REGULATION

FY26 RESULTS PRESENTATION
92,000
68,000
43,000
20,000
11,000
45,000
13,000
FY 24FY 25FY 26
Non-fibre areaLFC fibre areaCNU fibre area
92,000
157,000
0
4
8
12
16
Chorus UFBLFC UFBNon-UFB
FY24FY25FY26
•total copper fault volumes reduced by 10k, ~$7m reduction in
copper reactive spend FY26 vs FY25
•~1,000 cabinets powered down in FY26
COPPER – REACTIVE SPEND BY AREA
($m)
REMAINING COPPER LINES
(CONNECTIONS)
44,000
•743 lines remain in service in Chorus fibre areas; 254 lines
remain in LFC fibre areas
•43k copper lines in non-fibre area, down 37% from FY25; LFC
shutdown by end-2026, on track for shutdown by 2028
15
Copper retirement by 2028 on track

FY26 RESULTS PRESENTATION
Unlocking value from legacy assets
16
PROPERTY OPTIMISATION
•trial successfully operationalised
•activity accelerating
•expected net proceeds of $50m-$70m
from inception in FY25 to 2030, subject
to market prices, extraction timing etc
•historic high for metals pricing would
see returns at the top end of range
•multi-year property optimisation
programme underway
•testing market interest in portfolio of
non-core remote sites that primarily
support legacy radio & copper networks
•sequencing aligned with copper
retirement timetable and ensures
remaining assets are aligned with all-
fibre footprint
COPPER RECYCLING
Strategic
opportunities
provide
incremental
value creation
alongside core
fibre growth

FY26 RESULTS PRESENTATION
Financial
performance

FY26 RESULTS PRESENTATION
Income Statement (IFRS 18)
18
•copper asset depreciation accelerated in FY25 $46m lower in FY26
•early tenderof the EUR300m Notes with $9m of settlement costs;
weighted average interest rate fell from 5.39% to 4.95%
•fibre revenue up 6% YoY partly offset by $34m lower copper revenue
•cost savings from lower copper costs, op model changes & lower
consulting costs, partly offset by higher network costs, rates & lines
charges
COMMENTARY: FY26 vs FY25
FY26
$m
FY25
$m
Operating revenue1,0291,014
Operating expenses(303)(309)
Earnings before interest, tax,
depreciation & amort. (EBITDA)
726705
Depreciation & amortisation(439)(474)
Net gains on derivatives & foreign
exchange
-4
Operating profit287235
Investing income32
Profit before interest & income tax290237
Finance expense(221)(216)
Profit before income tax6921
Income tax expense(32)(17)
Net profit for the year 374
•no material fair value movements in FY26 (FY25: $4m fair value gain)
•EBITDA margin excl. copper improved to 72.5% (FY25: 71.9%)

FY26 RESULTS PRESENTATION
Revenue
19
FY26
$m
FY25
$m
Fibre broadband (GPON)792745
Fibre premium (P2P)6464
Copper connection revenues4175
Field services products6664
Infrastructure3535
Value added network services2526
Other65
Total1,0291,014
•ARPU grew 2% to $59.51 in FY26; GPON fibre connections +33k/+3%
•copper service revenues reduced $34m as connection volumes
declined 52% to 44k
•brownfields revenue higher, roadworks +$2m to $13m; partly offset
by lower greenfields/NPD revenue $20m (FY25: $22m)
•FY26 included $4m net gain from copper cable recycling (FY25: $3m)
•legacy revenues stable
COMMENTARY: FY26 vs FY25
•co-location stable

FY26 RESULTS PRESENTATION
Expenses
20
FY26
$m
FY25
$m
Labour8185
Network maintenance3647
IT4140
Other network costs4637
Rent, rates & property maintenance3327
Electricity2422
Advertising1212
Consultants59
Other expenses2530
Total303309
•lower headcount from operating model changes, partly offset by
lower labour capitalisation rate 42% vs FY25:44%
•lower copper faults from lower copper connections (truck rolls -23%);
lower fibre faults
•higher: engineering activity, incentive payments (better service
levels) and network assets decommissioning & disposal costs
•Auckland & Wellington rate increases by ~60% & ~90% respectively
•lower spend as prior year included expenses related to exploration
of new revenue opportunities
•increased lines charges & prices partly offset by ~7% lower
consumption
COMMENTARY: FY26 vs FY25
•discretionary spend reduction and lower regulatory levy costs

FY26 RESULTS PRESENTATION
FY26 capex driven by 2H26 project phasing
21
FY26
$m
FY25
$m
Sustaining capex*205205
Growth capex170210
Gross capex375415
Less: Third-party contributions**(41)(40)
Net capex334375
* Sustaining capex is investment to maintain, replace or improve an existing asset
** Third-party contributions included $5m of government grants that were applied to the balance sheet for specific projects. Other contributions were recognised as revenue
•sustaining capex was flat year on year
•multi-year lifecycle phasing of growth capex
•gross capex reduced 10% FY26 vs FY25
79
126
94
111
79
91
105
105
1H262H261H252H25
Sustaining capexGrowth capex
COMMENTARY: FY26 vs FY25

FY26 RESULTS PRESENTATION
RAB and Non-RAB capex, total RAB$6.0b*
22
RAB capex
FY26
$m
FY25
$m
Extending the network – growth5488
Installations – growth103113
IT & Support – sustaining6361
Network capacity – sustaining5463
Network sustain & enhance - sustaining5044
Network sustain & enhance – growth92
Gross RAB capex333371
Less: Third-party contributions** (36)(31)
Net RAB capex297340
Non-RAB capex
FY26
$m
FY25
$m
Copper - growth-1
Copper – sustaining68
Other – growth46
Other – sustaining***3229
Gross non-RAB capex4244
Less: Third-party contributions** (5)(9)
Net non-RAB capex3735
•copper capex reduced to $6m and includes $4m of contribution-
funded activity, eg roadworks
* CY25 closing RAB; the core RAB grew $221m in CY25 to $5.1b, the Financial Loss Asset (FLA) reduced by $130m in CY25 to $862m
** Third-party contributions are deducted from RAB capex when calculating the value of RAB assets
*** Some ‘Other-sustaining’ capex may be reallocated to the RAB over time
•FY26 allocations unaudited & subject to 2026 ID

FY26 RESULTS PRESENTATION
Leverage profile
23
170
200
500
200
97
820
822
325
105
167
210
112
207
364
20262027202820292030203120322033203420352036
NZ Capital NotesNZ BondEUR MTN
AUD MTNCrown debt securitiesCrown equity securities
DEBT MATURITY PROFILE ($m)
Bank Covenant Calculation*
As at
30 Jun 2026
$m
30 Jun 2025
$m
Borrowings2,9632,779
+ PV of CIP debt securities (senior)263242
+ Net leases payable147162
Sub total3,3733,183
- Cash19981
Total net debt3,1743,102
Net debt/EBITDA4.37x4.40x
* Table based on bank covenant senior debt calculation that excludes capital notes
•current ratings agency thresholds (FY26 actuals):
•Moody’s 5.25x Debt/EBITDA (4.75x)
•S&P 9% FFO/debt (17.2%); ~7.0x ND/EBITDA (4.49x)
•financial covenants require senior debt ratio to be no greater
than 6.75x, covenants were relaxed in May from 5.5x
•the Board considers that a credit rating of at least ‘BBB’ or
equivalent is appropriate for a company such as Chorus
•Chorus issued EUR400m notes in Nov’25 and repaid EUR243m of
the EUR300m due in Dec’26
•revolving credit facility available: $450m ($0m drawn)
•~65% of interest rate exposure fixed for 3 years

FY26 RESULTS PRESENTATION
Crown Funding Securities change of ownership
24
NIFF EQUITY SECURITIES
•unique class of security with no voting rights but a repayment
preference on liquidation
•dividends become payable in tranches from 30 June 2030 to
2036 at a rate of 6 pct over 180-day BKBM (likely to be
refinanced before dividends become payable)
•redeemable by cash payment of total issue price or the issue of
Chorus shares (at a 5% discount to the 20-day VWAP for Chorus
shares)
NIFF DEBT SECURITIES
•unsecured, non-interest bearing and carry no voting rights
•to be redeemed in tranches from 30 June 2030 to 2036 by
repaying the issue price to the holder
Crown securities
($m)
30 June
2030
30 June
2033
30 June
2036
TOTAL
Equity securities
(cumulative total)
111.7292.3683.1683.1
Debt securities
(maturity profile)
104.7166.7210.2481.6
TOTAL1,164.7
SALE PROCESS
•in December 2025, the New Zealand Government announced a
sale process in relation to the securities NIFF held in Chorus
Limited
•on 7 August 2026 the Crown agreed to the sale of those
securities for $702m to a select group of domestic and
international institutional investors with settlement occurring by
the end of August 2026
•Chorus obligations remain the same as pre-sale but those
obligations will be owed to a number of parties, not just NIFF
RATING AGENCIES PERSPECTIVE
•S&P may treat equity securities as debt rather than equity,
expected to be confirmed later in the year
•we believe Moody’s will maintain the status quo with their equity
attribution (ie 50/50 debt/equity)

FY26 RESULTS PRESENTATION
Simplifying our business
25
0
20
40
60
80
100
120
FY24FY25FY26FY27e
EstimateChorus area (cables)
LFC area (cables, ducts, poles)Rural area (cables, poles)
COPPER ASSETS - ACCELERATED DEPRECIATION
Chorus fibre
area copper
cables fully
depreciated
STRONG BALANCE SHEET
•prudent and efficient asset management
•fair market review of network assets resulted in a $983m
increase in the asset carrying amount
FY27 IS A TRANSITION YEAR FOR COPPER
•FY27 copper connections revenue: $m high teens (FY26:
$41m)
•FY27 net copper recycling gains: $m low teens (FY26: $4m)
•copper maintenance reducing
•further step-down in copper depreciation as accelerated
copper depreciation rolls off; depreciation $m high single digits
•exit of high sites and exchanges that don’t need fibre;
anticipated update at HY27
•Copper depreciation $46m lower in FY26 vs FY25

FY26 RESULTS PRESENTATION
FY26 div. 60cps; FY27 div. guidance minimum 62cps
26
•FY26 final dividend: 36cps, unimputed
•record date: 15 September 2026
•payment date: 6 October 2026
•Dividend Reinvestment Plan not available
•FY27 dividend guidance*: minimum of62cps
•expect to partially impute dividends at the rate of 2 to 5
cents per share of a minimum 62cps dividend
(small supplementary for eligible foreign shareholders)
•FY27 EBITDA guidance $730m to $760m*
•includes copper recycling $m low teens
•fibre price changes applies from Jan’27
•disciplined cost management
•FY27 gross capex guidance $375m to $415m
•range reflects ongoing investment to improve fibre uptake &
potential growth opportunities
•FY27 sustaining capex guidance $195m to $215m
* subject to no material adverse changes in circumstances or outlook
** includes net cash cost of the EUR EMTN refinancing undertaken in November 2025
17
19
23
24
25.5
28.5
34.5
36
FY23FY24FY25FY26FY27*
interimfinal
57.5
60
Min 62
DIVIDEND (cps)
42.5
47.5
Capital Management ($m)
FY26
$m
FY25
$m
Net cash flows from operating
activities
*
740709
Less: Sustaining capex(205)(205)
Less: Net interest**(167)(150)
Free cash flow for capital allocation368354

FY26 RESULTS PRESENTATION
Outlook

FY26 RESULTS PRESENTATION
++++
DATA CENTRES
AI COMPUTE NEEDS
INTERCONNECTION
AI ADOPTION &
TRAFFIC GROWTH
SMALL TODAY, SCALING FAST
UPLOAD DEMAND
TRAFFIC TURNS SYMMETRICAL
FIBRE ADVANTAGE
ONLY TECH WITH THE
ROADMAP
NZ data centre
market small
(~125MW), but
investment
accelerating
AI tools are <0.1%
of Chorus traffic
today, current traffic
primarily streaming,
gaming, social media
& cloud productivity
tools
AI 60:40 download
to upload;
total current traffic
87:13 download to
upload
Uptake
concentrated at
500Mbps plans
andprovide easy
upgrade potential
EVOLUTION OVER THE NEXT 10 YEARS
Multi-gig services
mainstream to
support digital
demand
AI estimates
at~30% of all
global traffic by
2034
Upload traffic
forecast to grow at
13% CAGR, up
~230% in the next
decade
Capacity potential to
quadruple by 2035
(~600MW)
sources: Chorus Network Data, Nokia Global Network Traffic Report, Ericsson Mobility Report, Cisco AI Impact on Wide Area Networks Report, Omdia
28
AI reinforces long-term strategic value of fibre infrastructure
Multiple demand trends favour scalable, high-performance networks
CONTENT QUALITY
VIEWING & CONNECTED
DEVICES
Standard & High
Definition TV;
average ~20
connected devices
per home
4K Ultra HD base
line quality; 44+
connected devices
per household

FY26 RESULTS PRESENTATION
29
* source: Nokia
AI REQUIRES RELIABLE INFRASTRUCTURE
Land
Power
Fibre
Cooling
•AI systems depend on
continuous flow of huge
data
•data is:
•moving from text-to-
video to multimedia, &
•moving from human
consumption model to
machine-to-machine
•this impacts upload
•small constraints in
bandwidth or latency slow
performance & limit the value
of the system
•fibre is critical for AI delivery
AI DRIVING TRAFFIC GROWTH GLOBALLY
29
1,745
429
652
168
101
20242034
Enterprise & industrial
WAN AI
Consumer AI direct
Consumer AI indirect
Enterprise & industrial
WAN regular (non AI)
Consumer regular (non
AI)
CAGR
23%
CAGR
15%
WAN AI TRAFFIC GLOBAL
(MODERATE VIEW, EB/MONTH)*
AI: 30% of
all global
traffic in
2034
Fibre is foundational to AI
AI performance depends on bandwidth, reliability and low latency

FY26 RESULTS PRESENTATION
AI changes what networks need to deliver
Fibre is built for the next generation of network demand
3030
•data usage patterns are shifting to more upload
which is creating congestion on networks
•speed, reliability and low latency is all important –
fibre can deliver this – saving time and driving
productivity
•no architectural overhaul of fibre networks is
required to deliver AI capability
Real time AI
data upload
using network:
Upload
Speed
(Mbps)
Latency
(ms)
1GB* Upload
Time
Download
Speed
(Mbps)
Dial up0.033>150>40 hours0.056
4G21566 minutes52
5G55302.4 minutes395
LEO / Starlink 10046263 minutes115
LEO / Starlink Max52262.6 minutes224
Home Fibre Starter2565 minutes106
Fibre 500109873 seconds506
FibreMax500516 seconds872
Hyperfibre 20002,00054 seconds2,000
Hyperfibre 40004,00052 seconds4,000
Hyperfibre 80008,00051 second8,000
SPEED & LOW LATENCY ALL IMPORTANT FOR
AI DEMANDS
source: Chorus Network Data
*1GB is equivalent to a short video clip
Best effort
Certified

FY26 RESULTS PRESENTATION
31
DEFEND & GROW
•fibre price change 1 Jan’27
•targeting “winback” and “brownfield & infill” fibre
connections ~400k premises
•AI and device growth driving higher fibre utilisation
SCALE INFRASTRUCTURE REVENUES
•solid NPD pipeline (25k WIP) supporting FY27 growth
•TimeSync build underway; first country to build
wholesale precision timing network
•North-South Subsea cable feasibility assessment
underway with final investment decision in FY27
•deployment trial for small scale Battery Energy
Storage Systems (BESS) across Chorus property
footprint
CREATE STRATEGIC FLEXIBILITY
•ASM resolution to remove ownership cap restrictions
•Horizon 2 operating model optimisation
UNLOCK LEGACY ASSET VALUE
•UFB & LFC area copper retirement byend-2026,
non-UFB by 2028
•copper recycling$50m-$70m net proceeds
•property optimisation: exploring options for non-
core property aligned with copper exit
Growing fibre, scaling infrastructure and unlocking legacy assets
Multiple drivers of future value creation

FY26 RESULTS PRESENTATION
Strong execution today. Expanding opportunities for tomorrow.
•Strong FY26 result underpinned by disciplined
execution
•Horizon 2 gaining momentum:growth,
simplicity & efficiency
•Pathway to 80% fibre uptake
•Copper retirement firmly in sight
•Disciplined expansion into adjacent
opportunities
•AI driven demand reinforces fibre's advantage
•Investingin NZ's digital infrastructure for
generations to come

FY26 RESULTS PRESENTATION
Appendix

FY26 RESULTS PRESENTATION
Pricing data
34
Product / Service
Current Price from
1 Jan’26
Proposed Price from
1 Jan’27
Home Fibre Starter(100/20Mbps)
$40.50
(Retail price cap $70)
$41.70
(Retail price cap $72)
Home Fibre 500Mbps$58.73$61.08
Home Fibre 920Mbps$69.50$72.28
Home Hyperfibre2Gbps$76.90$76.90
Home Hyperfibre4Gbps$93.38$93.38
Home Hyperfibre 8Gbps$120.85$120.85
PROPOSED PRICING, CURRENTLY UNDER CONSULTATION
Note: Proposed prices are subject to industry consultation

FY26 RESULTS PRESENTATION
Connections
35
30 Jun 202530 Sep 202531 Dec 202531 Mar 202630 Jun 2026
Variance
30 Jun 2026 vs
30 Jun 2025
Baseband copper (no broadband)24,000
20,00014,00011,0008,000(16,000)
Copper ADSL (includes naked)34,000
29,00024,00021,00018,000(16,000)
VDSL (includes naked)34,000
29,00025,00021,00018,000(16,000)
Total copper
92,000
78,00063,00053,00044,000(48,000)
Fibre broadband (GPON)1,106,000
1,113,0001,120,0001,133,0001,139,00033,000
Fibre premium (P2P)9,000
9,0009,0009,0008,000(1,000)
Total Fibre1,115,000
1,122,0001,129,0001,142,0001,147,00032,000
Total connections*1,207,000
1,200,0001,192,0001,195,0001,191,000(16,000)
Copper
-48 YoY
44k remaining
Fibre
+32k YoY
1.15m connections
Total
-16k YoY
1.91m total
*includes ~2.5k broadband connections Chorus is subsidising for lower socio-economic households

FY26 RESULTS PRESENTATION
Connections by zone*
36
Other fibre
company
(LFC) zone
Copper lines (no broadband)115Copper connections are declining
as Chorus retires its copper
network and customers migrate
to Local Fibre Company and fixed
wireless networks
Copper broadband lines139
Fibre broadband lines (GPON)4,000
TOTAL (rounded)4,300
Non-fibre
addresses
(i.e.
Chorus
fibre not
available)
Copper lines (no broadband)8,000Ongoing decline in copper
connections as customers migrate
to alternative mobile/fixed
wireless/satellite networks
Copper broadband lines35,000
TOTAL43,000
Chorus
fibre zone
Copper lines (no broadband)154Covers all addresses outside of
LFC UFB rollout zone where
Chorus fibre is available. Fibre
footprint is growing as a result of
network expansion and new
property development. Copper
connections are reducing as
Chorus retires its copper network
Copper broadband lines589
Fibre broadband lines (GPON)1,131,000
TOTAL (rounded)1,132,000
-1
-4
-2
-2
-1
-1
-1
-1
-2
-2
-1
-1
-1
-1
-1
-2
-2
-4
-5
-4
-6
-6
-5
-1
-2
-1
-2
-1
5
13
7
7
8
0
-10-50510
Q4 FY26
Q3 FY26
Q2 FY26
Q1 FY26
Q4 FY25
Q4 FY26
Q3 FY26
Q2 FY26
Q1 FY26
Q4 FY25
Q4 FY26
Q3 FY26
Q2 FY26
Q1 FY26
Q4 FY25
Copper line onlyCopper broadbandFibre broadband
* Indicative as at 30 Jun, excludes ~12k fibre premium and smart location connections; copper numbers exclude 73 HSNS copper lines
QUARTERLY CHANGE (‘000s) BY ZONE

FY26 RESULTS PRESENTATION
Interest rate hedges
37
BondAmount NZ$mCurrent hedge profile
EMTN 2026
97100% fixed for life of bond at 3.39%
NZD 2027
200100% fixed for life of bond at 1.98%
NZD 2028
500100% fixed for life of bond at 6.21% from Dec 2023
EMTN 2029
820
Swapped to a margin over floating (BKBM) through cross currency interest rate swaps.
~67% fixed at 6.17%
NZD 2030
200100% fixed at 2.5%
AMTN 2030
325
Swapped to a margin of 1.73% over floating (BKBM) through cross currency interest rate swaps. ~30% is fixed
using an interest rate collar of 5.48% to 6.05% from March 2025
EMTN 2032
822Swapped to a margin of 1.28% over floating (BKBM) ~ 60% is fixed at 4.85%
NZD 2056
170~90% fixed at 5.93% until first call in June 2031

FY26 RESULTS PRESENTATION
New Zealand macro-economic data
38
•Unemployment rate: 5.6% (Jun’26)
•Annual inflation rate: 4.1% (Jun’26)
•New dwellings consented: 40,581 (12 months ended Jun’26,
up 19.0% vs 12 months ended Jun’25)
•Net migration gain: 18,800 (12 months ended May’26)
•OCR increased to 2.50% on 8 Jul’26
RBNZ OFFICIAL CASH RATE (%)
ANNUAL CPI (%)
12 MONTHLY ROLLING GDP (%)
source: StatsNZ, RBNZ
4.06%
0.0%
2.0%
4.0%
6.0%
8.0%
Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24Jun-25Dec-25Jun-26
0.8%
-2.0%
0.0%
2.0%
4.0%
6.0%
Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24Jun-25Dec-25Jun-26
2.25%
0.0%
2.0%
4.0%
6.0%
Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24Jun-25Dec-25Jun-26

---

Chorus
Annual Report
For the 12 months ended 30 June 2026

Financial statements
Independent Auditor’s Report
37
Financial statements
41
Notes to the consolidated
financial statements
48
Our enablers - resilient connectivity
31
Enabling our strategy
25
Our material topics
26
Our enablers
Our enablers - future-fit connectivity28
Our enablers - equitable connectivity33
Strategy &
operational performance
Our strategy13
How we create value14
FY26 progress against our strategy
15
Our priorities - LEAD
16
Our priorities - EXPAND
19
Our priorities - ADAPT
21
Our priorities - PIONEER
22
Introduction
FY26 overview
4
About this report
4
About us
5
The fibre network behind
Aotearoa’s digital future
6
Letter from Chair7
CEO report9
Governance & disclosures
Corporate governance framework78
Our Board78
Remuneration and performance92
Risk management101
Ethical standards88
Reporting and disclosure90
Letter from Chair of the People,
Performance and Culture Committee
91
Auditors103
Shareholder rights and relations104
Additional disclosures
105
Glossary111
Disclaimer112
Publication date: 24 August 2026
ANNUAL REPORT 2026CHORUS FULL YEAR RESULTS 2026
2

3
$)0364 FULL YEAR RESULTS 2026
Delivering
with purpose

+3%
FIBRE
CONNECTIONS
EBITDA ($m)
1
NET PROFIT
/(LOSS) ($m)
DIVIDEND (cps)
4
64
25
(9)
37
FY22
FY24
FY23
FY25
FY26
NET PROFIT/(LOSS) ($m)
658
673
709
740
FY22
FY24
FY23
FY25
FY26
668
NET CASH FLOWS FROM OPERATING
ACTIVITIES ($m)
CORE RAB
FINANCIAL LOSS ASSET
-7%
ELECTRICITY USE
SCOPE 1 & 2
EMISSIONS
DIGITAL EQUITY
CONNECTIONS
ENGAGEMENT
SCORE
959
1,031
1,084
1,115
1,147
FY22
FY24
FY23
FY25
FY26
FIBRE CONNECTIONS (‘000)
35.0
42.5
47.5
57.5
60.0
FY22
FY24
FY23
FY25
FY26
DIVIDEND (cps)
Kate Jorgensen
Director and ARMC Chair
+3%+$33m+4%
vs FY25vs FY25vs FY25vs FY25
-43%3,0558.4/10
vs FY25vs FY20 BASE YEARvs 8.4/10 IN FY25
675
672
700
705
726
FY22
FY24
FY23
FY25
FY26
EBITDA ($m)
1
REGULATORY ASSET BASE - RAB ($ million)
2
OVERVIEWCHORUS FULL YEAR RESULTS 2026
About this report
Our 2026 Annual Report covers the financial year ended 30 June 2026 (FY26) and includes
our Sustainability Report incorporating environmental, social and governance (ESG)
performance. Other documents in our FY26 reporting suite can be found at
company.chorus.co.nz/sustainability and include our:
FY26 Climate Statements; and
FY26 Climate and sustainability-related workbook.
This report explains what we at Chorus are prioritising to create value over time with our
purpose of Unleashing potential through connectivity. Enabling better futures for Aotearoa.
Important note: This report includes sustainability-related data, assessments and forward-
looking statements that are by their nature subject to significant uncertainty, assumptions

and limitations. Inputs may be incomplete or unreliable, and modelling methodologies are
still evolving. As such, information may change and should not be relied upon as definitive.
In particular, forward-looking statements, including targets, forecasts and strategic plans may
not eventuate as expected for a range of reasons. Chorus cautions readers not to rely on these
forward-looking statements in the same way that they might rely on Chorus’ other external
reporting. For further information, please read the limitations detailed throughout this report
and noted in the appendix below.
This report is dated 24 August 2026 and is signed on behalf of the Board of Chorus Limited by
Mark Cross, Board Chair, and Kate Jorgensen, Chair of Audit & Risk Management Committee.
2022
2024
2023
2025
1
Earnings before interest, income tax, depreciation and amortisation (EBITDA) is a non-GAAP profit measure without a standardised meaning for
comparison between companies. We monitor EBITDA as a key performance indicator, and we believe it assists investors in assessing the
performance of the core operations of our business.
2
Closing amount as at 31 December.
Mark Cross
Director and Board Chair
4
4.41.3
4.81.1
4.91.0
5.10.9
FY26 overview

Unleashing potential
through connectivity.

Enabling better futures
for Aotearoa.
O U R P U R P O S E
ABOUT USCHORUS FULL YEAR RESULTS 2026
Chorus plays a critical role in New Zealand's
digital economy, enabling connectivity,
productivity, and innovation for businesses,
communities, and households nationwide.
We are New Zealand's largest telecommunications
infrastructure provider, with ~75% share of New Zealand’s fibre
footprint, delivering a nationwide fibre network that connects
over 1.1 million households and businesses. In an increasingly
digital future, advances in customer-facing technologies and
services, and increasing data demand from AI, place Chorus
at the heart of delivering connectivity.
As a wholesale-only, fixed-line network operator, we provide
open access to around 100 retail service providers.
A utility-style regulatory framework applies to our core fibre
business including a revenue cap, regulated asset base (RAB)
and quality standards.
The company is dual listed on the NZX and ASX (ticker: CNU).
5

87%
FIBRE FOOTPRINT ACROSS NZ,
OF WHICH CHORUS HAS ~75%
1.1M
ACTIVE MONTHLY
FIBRE CONNECTIONS
200,000+
KILOMETRES OF
TOTAL FIBRE
~750
EMPLOYEES
NATIONWIDE
$1B+
REVENUE PER
ANNUM
NATIONAL REACH
~22,000km
TRANSPORT
FIBRE
62
MESH NODES
400Gbps CAPABLE
EXTENSIVE
GEOGRAPHIC
DIVERSITY
400Gbps
400Gbps CAPABLE
DWDM TRANSPORT
NETWORK
51
POINTS OF
INTERCONNECT
80
CORE NODES WITH
FULL DIVERSITY
~190,000km
ACCESS FIBRE
1-10Gbps
LAYER 2 ACCESS
PRODUCTS
DIVERSE POINT-TO-POINT
FIBRE ROUTES
~22,000km
FIBRE SERVICE LEADS
CONDUIT
~60,000km
NATIONWIDE DUCT
NETWORK
~200,000
POLES
~600
EXCHANGES
(4x EDGE CENTRES)
14,600
ROADSIDE CABINETS
~100
RETAIL SERVICE
PROVIDERS
1.1m
HOMES AND
BUSINESSES
3,400
MOBILE CELLSITE
LOCATIONS
2,000+
SMART
LOCATIONS
200,000+km of total fibre
CONNECTING
ACCESSEXTENSIVE ASSET BASE
DATA
CENTRES
Majority of NZ
DATA CENTRES
EDGE CENTRES
CELLULAR
CONNECTIVITY
FIBRE NETWORK
Connecting to core infrastructure:
CHORUS FULL YEAR RESULTS 2026OUR NETWORK
6
The fibre network
behind Aotearoa’s
digital future

Dear Investors,
On behalf of your Board, I am pleased to report that Chorus delivered
revenue, EBITDA and net profit growth in FY26 compared to FY25,
demonstrating the resilience of our digital infrastructure assets.
Our results were underpinned by our 1.2 million customer connections
across the country. Fibre is increasingly regarded as an essential service,
enabling our customers to thrive while supporting New Zealand’s
economic growth prospects and keeping the country digitally

connected. The high performance and reliability of our network
is critical for our country to succeed.
Sustainability, people and governance
Fibre is a low-emissions broadband technology, and our sustainability results improved
again this year as we move to an all-fibre business. During the year we lowered our electricity
use by 6.7% from FY25 and we saw a 43% reduction in Scope 1 & 2 carbon emissions from
our FY20 base year.
Diverse perspectives at both workforce and Board levels make for better decisions, and we
aim to be an employer of choice with a 40:40:20 gender representation target. We have met
our target in three of our five people categories including female representation in our people
leaders now at 40%.
During the year, through board education sessions, directors deepened their knowledge of
data centres, alternative broadband technologies, retail service providers, Māori culture and
responding to a cyber crisis, and strengthened relationships across the political spectrum.
There were no changes to the Board this year. Board succession is an ongoing topic to ensure
we plan for the retirement of directors and are bringing needed skills onto the board in line
with our strategy.
The Board monitors cyber risk closely as threats are relevant to the secure and reliable
operation of our critical national infrastructure network. As a wholesaler we hold less
customer information than an integrated telecommunications company, but protecting
what we do hold remains a key priority.
In line with recommendations from the Telecommunications Regulatory Review, Chorus
and the Crown have executed a variation to the governance arrangements that enables
shareholders to consider the removal of the company's legacy ownership restrictions which
require Ministerial approval for ownership of more than 10% of Chorus voting shares or over
49.9% if the proposed owner is not a New Zealand national. The proposal will be presented for
shareholder approval at the November 2026 Annual Shareholders' Meeting.
7
Letter from Chair
LETTER FROM CHAIRCHORUS FULL YEAR RESULTS 2026
Mark Cross
"Chorus delivered revenue, EBITDA and net
profit growth in FY26, demonstrating the
resilience of our digital infrastructure assets.
We are focused on enabling better digital
futures for New Zealand, and we have a clear
line of sight to an all fibre network."
Board Chair
Fibre is reliable, resilient and future-proofed
Digital infrastructure has moved to the centre of the Artificial Intelligence (AI) debate.
Governments and investors around the world are treating networks, data centres and
power as strategic national assets, because AI is only as useful as the connectivity that
carries it. New Zealand is no exception: the value we capture from AI will depend on
infrastructure that is already built, already high speed and already reaching most of the
country. Chorus has spent more than a decade building exactly that, and our network can
carry the next wave of demand without any architectural change. The Board sees fibre as
critical infrastructure for New Zealand, and that is the strongest argument for continuing
to invest in it.
We are pleased with the continued trajectory of fibre uptake, which sits at 75.9% of
addresses where Chorus fibre is available. Our aspiration is for 80% uptake by 2030 and
the Board remains firmly focused on it, while ensuring assets are reliable and efficient.
Chorus is moving at pace to retire copper, and during the year we brought the retirement
date forward to 2028. Only 44,000 copper lines remain nationwide, fewer than 1,000 of
them in fibre areas. A smooth transition for those customers is paramount, and we will
keep working closely with government and other stakeholders to achieve it.
Promoting digital equity
In March 2026 we launched Equity Fibre 100, an affordable wholesale broadband product
for eligible low-income households. With retail prices capped at $30 per month, the service
makes fast, reliable fibre broadband more accessible. Equitable access to world-class digital
infrastructure is a foundation for participation and opportunity, and this initiative reflects our
ambition to contribute to positive intergenerational change across New Zealand. This is just
one example of how the Board applies ESG thinking for long term value.

Continued confidence for the future
The Board’s expectation of management is a simple one: say what we are going to do,
and then do it. That discipline shows up in staying close to the core business we know best,
and in the continual improvement of our operating and capital efficiency that funds
everything else we want to achieve.
We are focused on enabling better digital futures for New Zealand and we have a clear line
of sight to an all‑fibre network. We have regulatory clarity to 2029 and have begun planning
for the period beyond that. As data usage and demand continues to grow, particularly with
AI, access to high‑capacity, reliable fibre for all New Zealanders will be essential.
On behalf of the Board, I wish to extend our thanks to our customers, our partners,
our people and our shareholders for your continuing support of Chorus.
8
Letter from Chair (continued)
LETTER FROM CHAIRCHORUS FULL YEAR RESULTS 2026
Growing dividends, strong balance sheet
A sustainable, growing dividend is a core pillar of our capital management framework.
We intend to keep growing it at least in line with inflation, within our policy range of 70%
to 90% of net operating cash flows after sustaining capital expenditure and net interest.
We have announced a final unimputed dividend for the year of 36.0 cents per share,
bringing total dividends for FY26 to 60.0 cents per share, an increase of 4%.
For FY27 we have provided dividend guidance of 62 cents per share minimum, partially
imputed, subject to no material adverse changes in circumstances or outlook. This
continues to meet our objective of delivering real dividend growth.
Our five-year total shareholder return (TSR) was 105%, 96 percentage points ahead of the
NZX50. TSR matters because it aligns management incentives with shareholders’ experience
and encourages longer-term decision making.
The Board considers that a credit rating of at least ‘BBB’ or equivalent is appropriate for a
company such as Chorus. We intend to maintain capital management and financial policies
consistent with these credit ratings.
We will continue to use the balance sheet to fund capex where it meets our investment
hurdle rates. Any growth investment must deliver greater shareholder value than returning
it to shareholders.
Mark Cross
Board Chair
Chorus fibre connects to thousands of cell sites across urban areas and nationwide

Strong performance underpinned by disciplined execution
Chorus delivered a strong financial and operational performance in FY26, reflecting
the resilience of our business model, disciplined execution and focus on driving simplicity
and efficiency as we transition to an all-fibre business.
Net profit after tax for the year ended 30 June 2026 (FY26) increased to $37 million,
up from $4 million in FY25. Earnings before interest, income tax, depreciation and
amortisation (EBITDA) grew 3% to $726 million, an increase of $21 million on FY25.
This result reflects our continued ability to perform well in a challenging macroeconomic
and geopolitical environment.
Our product portfolio encompasses a range of wholesale broadband, data and voice services
across a mix of regulated and commercial products. Operating revenue was $1,029 million,

up $15 million from FY25, with 6% growth in fibre revenues more than offsetting the decline
in legacy service revenues. Average monthly revenue per user (ARPU) on fibre services
increased from $58.28 in June 2025 to $59.51 in June 2026.
At 30 June 2026, we had approximately 1,191,000 fixed line connections compared to
1,207,000 at 30 June 2025. Of this, our total fibre connections grew by approximately

32,000 to 1,147,000 during FY26 and now comprise 96% of Chorus’ total connections at
year end. Overall fibre uptake grew to 75.9% of addresses where Chorus fibre is available,
excluding local fibre company areas, up from 74.3% at the end of FY25
.
1
9
CEO REPORTC)ORUS FULL YEAR RESULTS 2026
CEO report
1
Total address base adjusted in Q4 FY26 to remove ~53k non-serviceable/vacant lots where a premise cannot be connected. FY25 has
also been restated.
Mark Aue
Chief Executive
“Artificial intelligence is emerging as a powerful
new driver of digital connectivity demand,
reinforcing the importance of New Zealand’s fibre
infrastructure. As the country’s largest fibre network
provider, Chorus is helping enable the next
generation of innovators, producers and creators
through the high-capacity, reliable connectivity
that increasingly underpins digital activity.“
Copper connections declined by 48,000 nationwide as customers migrated to fibre and other
technologies. The copper-to-fibre transition is now largely complete across New Zealand’s
fibre footprint, with fewer than 1,000 copper connections remaining to migrate to fibre across
all fibre companies’ networks and only 43,000 copper connections remaining in areas where
fibre is not available.
Our ongoing focus on simplicity and efficiency saw total operating expenses reduce by
$6 million to $303 million in FY26. These cost savings resulted from the changed operating
model we have implemented and included lower network maintenance costs (from lower
copper fault volumes), lower consulting and discretionary spend partly offset by higher
engineering activity, and higher non-tradeable inflation such as rates and electricity
line charges.
Total depreciation was lower year on year as Chorus fibre area copper cables were fully
depreciated in FY25. Capital expenditure (capex) was $375 million in FY26, down $40 million
from FY25 with lower spend on discretionary growth capex due to project phasing. Net cash
flows from operating activities increased by 4% from FY25 to $740 million in FY26. After
adjusting for sustaining capex and net interest, free cash flow for allocation was $377 million.
Finally, following a change in accounting policy to the revaluation model, Chorus revalued its
network assets during the year, resulting in a $983 million increase in the carrying amount.
Our Purpose in action
At Chorus, our overarching purpose is “Unleashing potential through connectivity.
Enabling better futures for Aotearoa”. It guides how we think about long-term value,
our role as a critical digital infrastructure provider, and our transition to a simplified all-fibre
business. Chorus’ inclusion in the top ten of Forsyth Barr’s 2025 corporate ESG ratings of NZ
companies provides external recognition of the governance, transparency and sustainability
credentials that support this approach.
During FY26, we sharpened how we bring our purpose to life through three connected
focus areas: resilient connectivity, equitable connectivity and future-fit connectivity.
These give us a clearer way to focus effort and guide decisions on where Chorus can have
the greatest real-world impact: keeping New Zealand connected when it matters most,
improving fair access to the benefits of connectivity, and building the workforce and
capability needed for the future.
The launch of Equity Fibre 100 is a practical example of our purpose and equitable
connectivity in action. The product is designed to give eligible low-income households
access to fast, reliable fibre broadband through a low-cost offering. Developed alongside
community, it has been informed by the needs of the households it is intended to support.

Building a simpler, stronger Chorus
With our strategy embedded and a clear vision of becoming "a simplified all-fibre business
with 80% uptake by 2030”, FY26 marked the first year of Horizon 2 (FY26-FY29), the second
phase of our long-term strategy. This critical phase shifts our focus to growth, simplicity and
efficiency. During the year, we strengthened capability through key executive and senior
leadership appointments and established a dedicated data and analytics team. Together,
these investments are helping position Chorus as a simpler, more efficient, innovative and
competitive business.
With fibre uptake at 75.9%, reaching our 80% target will require new approaches to
connecting the remaining households and businesses. Our focus is now on remaining
addresses where fibre is available but not connected, either because an Optical Network
Terminal (ONT) has not been installed or because customers have not adopted a
fibre service.
Brand fibre messaging continues to resonate, lifting awareness of fibre’s advantages over
other technologies. Research trends remain positive with 66% preferring fibre as their first-
choice internet connection, compared with 12% for fixed wireless
. To enhance this, we
1
are also improving the in-home fibre experience by simplifying the connection process and
creating a clearer pathway for uptake in Hyperfibre plans.
We also continue to explore other infrastructure opportunities: (4) we have committed to
a feasibility assessment of a North - South Island subsea cable bringing new inter-island
capacity and resilience; and (5) Battery Energy Storage Systems (BESS) that would leverage
the large Chorus property portfolio. Both reflect our core role in supporting critical national
infrastructure and we will assess commercial, delivery and operational considerations before
making any final investment decision.
Keeping our people engaged and safe
Our people engagement score was 8.4 out of 10 - remaining in the top 25% of technology
industry benchmark. On safety, there were seven recordable injuries in the year which were
of minor severity. We also remain vigilant of the treatment of our outsourced field technician
workforce. Our worker welfare programme continues to promote best practice and
monitors for potential issues.
AI is reshaping demand for fibre
Artificial intelligence is emerging as a powerful new driver of digital connectivity demand,
reinforcing the importance of New Zealand’s fibre infrastructure. As the country’s largest
fibre network provider, Chorus is helping enable the next generation of innovators, producers
and creators through the high-capacity, reliable connectivity that increasingly underpins
digital activity.
Total data traffic on our network continued to grow during FY26, up 10% on FY25, and AI is
expected to add further momentum to this trend. Industry forecasts suggest AI could account
for 25% to 30% of all internet traffic by 2035
, with a growing proportion of that traffic being
upload-intensive. While our network traffic today remains predominantly download-led, with
downloads accounting for 87% of usage and uploads 13%, we are already seeing upload traffic
grow faster than download traffic, signalling the early stages of a structural shift in how
networks are used.
2
This evolution matters because the next wave of AI adoption, cloud computing, content
creation, remote work, online learning and digital healthcare will require not only greater
network capacity, but also faster upload speeds, lower latency and more consistent
performance. Fibre has these structural advantages built in. Its symmetrical capability and low-
latency characteristics position it to support the more balanced data flows that AI-enabled
applications will increasingly generate, while shared-access technologies like fixed wireless
may face greater challenges delivering the same experience at scale.
Connectivity is also a critical enabler of data centre development, alongside power
infrastructure. When planned together from the outset, these foundations support resilient,
efficient and scalable digital growth. As New Zealand’s digital economy continues to evolve,
Chorus is well positioned to provide the connectivity platform that will underpin the country’s
future competitiveness and innovation.
10
CEO report (continued)
CEO REPORTCHORUS FULL YEAR RESULTS 2026
Scaling New Zealand’s digital infrastructure
In our core infrastructure business, while the property sector has continued to experience
subdued activity, our new property development (NPD) volumes tracked broadly in line with
long-term historical levels. We delivered 22,000 lots during the year compared to 24,000
lots in FY25 and our pipeline continues to support our estimates of 20-25,000 lots per
annum. At the half year, improving demand conditions began to lift incoming NPD volumes,
however, geopolitical disruption in the fourth quarter brought a return to a more cautious
approach by developers. Encouragingly, at year end, building consent volumes increased
19% year-on-year.
We continue to assess adjacent infrastructure opportunities through a rigorous investment
framework, with a focus on scalable returns that support our Horizon 2 ambitions. This
approach has seen several opportunities brought to market, while recognising that some
require time to commercialise and others have not met our investment criteria.
This has seen the launch of several new products in FY26 and more recently: (1) Express
Connect, giving businesses a fast and reliable way to move their data from order to service
and is available in eight data centres; (2) Unified Transport, offering a streamlined, simplified
data transport product for customers; (3) TimeSync, a national precision timing service that
will provide greater diversity and redundancy, helping to strengthen national resilience and
support essential services.
1
2
Source: Consumer monitor
Source: Nokia and Cisco

Chief Executive
Capital management and dividends
During the year, Chorus issued EUR400 million notes and repaid EUR244 million of
the EUR300 million notes due at the end of 2026.
In December 2025, the New Zealand Government announced that it was commencing a
sale process in relation to the securities National Infrastructure Funding and Financing (NIFF)
holds in Chorus Limited. On 7 August 2026 the Crown agreed to the sale of those securities
to a select group of domestic and international institutional investors with settlement
occurring by the end of August 2026. There is no material change to the terms and
conditions on which the securities were issued as a result of the sale process.
Chorus will pay an unimputed final dividend of 36.0 cents per share on 6 October 2026 to all
shareholders registered at 5:00pm on 15 September 2026. The shares will be quoted on an
ex-dividend basis from 14 September 2026. As the dividend is unimputed, there will be no
supplementary dividend payable to shareholders outside of New Zealand. The dividend
reinvestment plan will not be available for the final dividend.
Outlook
Looking ahead, we expect FY27 EBITDA of between $730 million to $760 million and an
FY27 dividend of 62 cents per share minimum subject to no material adverse changes in
circumstances or outlook. The company also expects to be in a position to partially impute
the FY27 dividends.
We remain focused on executing our strategy, driving fibre uptake, improving customer
experience, simplifying our operations and pursuing disciplined growth opportunities. As
demand for high-capacity, reliable, low latency connectivity grows, we are confident in the
long-term outlook for fibre and in our ability to create enduring value for our customers,
communities and shareholders.
The future is increasingly digital, increasingly AI-enabled and increasingly dependent on
fibre. Chorus is uniquely positioned to power that future.
11
CEO report (continued)
CEO REPORTCHORUS FULL YEAR RESULTS 2026
Mark Aue

STRATEGY & OPERATIONAL PERFORMANCECHORUS FULL YEAR RESULTS 2026
Strategy &
operational performance
Our strategy
How we create value
FY26 progress against our strategy
Our priorities - LEAD
Our priorities - EXPAND
Our priorities - ADAPT
Our priorities - PIONEER
13
14
15
16
19
21
22
12

STRATEGY & OPERATIONAL PERFORMANCECHORUS FULL YEAR RESULTS 2026
13
Our strategy

OUTPUTS
8.4/10 overall engagement score +56 total eNPS
40% women in people leader roles
33% women in executive roles
10% Māori and Pasifika representation
2.16 TRIFR
INPUTS
Our communities
k cIaritable donations
_ eligible laptops donated
 community events
Human
Social
Capital
 employees
 male ]  female

 tecInicians
  Iours volunteered
Our customers & partners
_ retail service providers RSPs

_ key suppliers
Our environment
k km fibre nationXide
_k cabinets ] _ eYcIanges  Edge Centres
] _k poles
 G8I electricity
  l diesel and petrol-generated electricity
Commercial
 fibre footprint
 fibre uptake

m active montIly fibre connections
+46 Fibre NPS
2.84 fibre faults per 100 connections (layer 1)*

1.24 fibre faults per 100 connections (layer 2)*
*Fault numbers are 2025 calendar year,
and exclude force majeure events.
1,300 new premises added through
Community co-fund programme
3,055 digital equity connections
5,998 tCO2e Scope 1 & 2
7% reduction electricity
96% total waste recycled
$726m EBITDA

dividend 60.0 cps
 m Core Regulatory Asset #ase eYcl Financial -oss Asset

m Operating eYpenses
m Gross capeY
#aa stable Moodyōs
] ### positive outlook Standard & Poorōs

Unleashing potential
through connectivity.
Enabling better futures
for Aotearoa.
OUR PURPOSE
S
T
R
A
T
E
G
Y
G
O
V
E
R
N
A
N
C
E
M
I
N
D
S
E
T
S
 increase vs FY  no cIange vs FY
 decrease vs FY
Social
Capital
Manufactured
Natural
Capital
Continued focus on people and culture
Progress on social outcomes
Reduced environmental impact
Resilient financial position
Our people
Human
Intellectual
Capital
Greater fibre uptake
STRATEGY & OPERATIONA- PERFORMANCECHORUS FULL YEAR RESULTS 2026
14
How we create value
Financial
Capital
Continued focus on fibre sentiment
Equitable Connectivity
Page 33
Mor e people and communities
can participate in the digital
world, supported by affordable
connectivity and trusted
partnerships that help remove
barriers to digital inclusion.
Future-fit Connectivity
Page 28
Chorus has the people,
capability and culture needed
to deliver for a changing
Aotearoa and respond to
future technology, customer
and community needs.
Resilient Connectivity
Page 31
New Zealand’s connectivity
infrastructure is resilient,
reliable and capable of
supporting economic and
social needs during
disruption.
NetXork reliabilityNetXork resilienceDigital inclusionequityHealtI & safety
Regulatory compliance
Community engagement & social licenceCybersecurity & data governance
Sustainability supply cIain practices
Risk management & resilience planning
#oard diversity & independence
Diversity equity & inclusion
TIe Xorld Xe operate in can impact our inputs business drivers outputs and outcomes

LEAD
75.9% fibre uptake
focusing on expanding connections via ~200k “winback”
(ONT
installed but is inactive) & ~200k “brownfield &
infill” (no ONT
installed) opportunities
1
1
simplified suite of products and plans in market
new retailer incentives introduced, simplifying and
improving focus on winning off-net fibre customers
improving NZ digital inclusion with Equity Fibre 100
product launched and in-market
building capability with Data & Analytics function
established; new executive appointments made:
- Ken Walliss, Executive General Manager, Access
- Martin Sharrock, Chief Technology Officer

- Matt Bolton, Executive General Manager, Infrastructure
efficiency & simplicity gains in cost base; strong capital
discipline
solid debt profile; refinanced EMTN at record-tight pricing
for Chorus
maintaining at least ‘BBB’ or equivalent credit rating
leveraging core IT infrastructure for AI enablement
positive outlook for regulatory change
STRATEGY & OPERATIONAL PERFORMANCECHORUS FULL YEAR RESULTS 2026
15
FY26 progress against our strategy
core mobile infrastructure expansion
expanded Express Connect to more data centres
customer innovation through launch of Unified Transport
product
legacy services migration off the old Regional Ethernet
Network complete
new property development to 22k lots passed
disciplined approach exploring infrastructure
opportunities for FY27 including:

- feasibility assessment for a new North - South Island

Subsea cable

- deployment trial for small scale Battery Energy Storage

Systems (BESS) across Chorus property footprint
copper retirement in UFB areas substantially complete
bringing forward copper retirement timeframe to 2028
copper retirement progressing with ~1,000 cabinets
powered down in FY26
copper recycling programme established and underway
fibre expanded to 1,300 more premises through the
Community Co-Fund fibre build programme
multi-year programme for property optimisation
underway
1
Optical Network Terminal (ONT)
EXPAND
ADAPTPIONEER

CONNECTIONS
30 JUNE 2026
CONNECTIONS
30 JUNE 2025
Fibre broadband (GPON)1,139,0001,106,000
Fibre premium (P2P)8,0009,000
Copper VDSL18,00034,000
Copper ADSL18,00034,000
Baseband copper8,00024,000
Total fixed line connections*1,191,0001,207,000
FY26FY25
Fibre addresses passed*1,499,0001,487,000
Fibre uptake (% of addresses passed)*75.9%74.3%
Average monthly data use (GB) – per fibre connection731671
Fibre customers using >1,000GB per month21%19%
OUR PRIORITIES - LEADCHORUS FULL YEAR RESULTS 2026
16
The second pool is another approximately 200,000 addresses which have been passed
with fibre but no ONT was installed initially in the premise. We refer to these as “brownfield
& infill” addresses. Of the winback opportunities we provide a targeted incentive framework
to all our retail service providers (RSPs) and we partner with them as they develop their
campaigns that prioritise converting customer addresses back to fibre broadband service.
For the brownfield & infill opportunities, our Data and Analytics team consolidate external
commercial data with our fibre available address lists to identify new locations that qualify
for fibre service to be installed. We provide those addresses to our RSPs as an opportunity
to get “New to Fibre” installations.
We continually partner with our RSPs to support them on maximising uptake on the variety
of offers they advertise whether for Winback or Brownfield campaigns. As a wholesaler,
keeping fibre front of mind for our customers is critical and we maintained our ‘New Zealand
runs on fibre’ campaign throughout the year. We also continued to drive fibre’s awareness
through live sports streaming events.
OUR LEAD PILLAR IS ABOUT LEADING FIBRE UPTA,E
* includes several thousand partly subsidised education connections
At the end of June 2026, fibre uptake reached 75.9%, up from 74.3% in FY25, with 32,000 fibre
connections added during the year to finish with 1,147,000 active fibre connections. We also
expanded our fibre footprint by 12,000 addresses to 1,499,000 passed addresses. Across major
national urban areas, fibre uptake was above 78% bringing us closer to achieving our objective
of 80% fibre uptake by 2030.
To achieve our 2030 targets, we are focused on two large pools of opportunities to gain future
fibre customers. The first pool is approximately 200,000 addresses that have an ONT installed
but currently inactive, meaning the address is either not occupied or an alternative technology
is being used for broadband connectivity. We refer to these as “winback“ opportunities.
Fibre growth continues with uptake now at 75.9%
These events, large gaming updates and more data consumption continue to lift data usage.
The average monthly data use per fibre connection was 9% higher than the prior year at 731
gigabytes. Also, approximately 21% of fibre customers consumed more than 1 terabyte of
data (1,000 gigabytes) in June 2026, up from 19% in the prior year.
* FY25 restated to exclude non-serviceable/vacant lots where a premise cannot be connected
LEAD

800
600
400
200
0
JUN ‘16
JUN ‘17
JUN ‘18
JUN ‘19
JUN ‘20
JUN ‘21
JUN ‘22
JUN ‘23
JUN ‘24
JUN ‘25
JUN ‘26
Average monthly data usage increased 252% over the last 10 years
MONTHLY DATA USAGE GB
AVERAGE MONTHLY DATA USAGE (GB)
12AM4AM8AM12PM4PM8PM12AM
0
1
2
3
4
5
AVERAGE DAILY USAGE (TBPS)
2026202520242023202220212020
Average daily data usage continues to grow year on year
AVERAGE DAILY USAGE PER YEAR
21%
fibre customers use
>1,000 GIGABYTES
per month
731 GIGABYTES
=
~100 HOURS
4K streaming
Average monthly
data usage of
Up 252% over
10 years
731
GIGABYTES
LEAD
As an important conduit to our end customers, we deepened engagement with our
RSPs holding eight consultation sessions through the year and we strengthened our
incentive framework to better support shared growth and delivery outcomes. In addition,

we migrated customers off legacy products, (e.g. High Speed Network Services Copper)
and drove leadership through new industry events for our partners.
Following the simplification of our fibre products, plan mix remained very stable year on
year, with 86% of customers on plans of 500Mbps or higher and the remainder on 100Mbps
or voice plans.
During the year we were proud to launch our digital equity product, Equity Fibre 100,
which helps lower socio-economic households. This is covered in our section on our
enablers on page 33.
As we look ahead (over and above the continued annual increase in data usage), the
significant increase in the use of AI that is to come, increases in connected devices in
households and the ongoing migration from linear TV to interactive streaming will drive
data consumption and data upload demand much higher. Fibre provides the low latency
and multi-gigabit symmetrical speeds necessary for optimum AI data workloads and Chorus
has the fibre network to meet these demands.
OUR PRIORITIES - LEADCHORUS FULL YEAR RESULTS 2026
17
Correspondingly, total data traffic was 10% higher than the prior year at 9,600 petabytes
with the annual increase equivalent to around 32,000 years of continuous high-definition
streaming. These factors, combined with the increase in average number of connected
devices per household, are evidence that the market continues to move in fibre’s favour
with households needing more capacity.

Customer satisfaction
FY26FY25
Customer satisfaction: fault restoration
(12-month average) Assure
8.6/10
(target 8.5)
8.5/10
(target 8.4)
Customer satisfaction: intact provisioning
(3-month rolling average to 30 June)
8.1/10
(target 8.1)
8.1/10
(target 7.9)
OUR PRIORITIES - LEADCHORUS FULL YEAR RESULTS 2026
18
Customer satisfaction remains a key focus as we continue to demonstrate the superior
experience fibre delivers over other technologies. In FY26, we lifted the fault restoration
performance target to 8.5 and exceeded it, achieving a score of 8.6 for the year. This
reflected stronger end-to-end management of the fault journey, supported by targeted
improvements with service companies and retailers and more proactive intervention to
prevent and resolve faults.
For intact provisioning, customer satisfaction remained stable at a three-month rolling
average of 8.1 to the end of June 2026, and in line with our upwards revised target of
8.1 for the year. Targeted retailer improvements supported the result, while new proactive
identification and resolution of at-risk ONTs positioned us to maintain and build on
activation success and customer satisfaction in FY27.
We continued to work closely with retailers and service companies to improve customer
support and restoration performance, both important drivers of customers’ decisions to stay
with fibre. As disruptive weather events become more frequent, reliable connectivity is
increasingly critical. Strong satisfaction following recent events demonstrated our ability to
restore connectivity quickly when customers needed it most. Our overall fibre net promoter
score (NPS) was +46, down slightly from +48 in FY25, however, compares favourably with
fixed wireless (4G and 5G) NPS of -1 for the same time period.
Making fibre simpler is central to Horizon 2. While fibre’s consistency, performance and
speed are well recognised, home moves remain particularly vulnerable to failed activations
because the ONT, address and equipment have not historically been verified before
connection. Proactive ONT monitoring and pre-activation intervention are now helping us
identify and resolve these issues earlier, improving connection reliability and making it
simpler to move home with fibre.
We are also working to ensure the in-home experience delivers the full benefits of fibre.
While customers previously often received a new router when switching retailers, they
are now more likely to retain ageing equipment or fund an upgrade themselves. With our
insights showing that around 50% of identified in-home issues could be resolved through
a router upgrade, we are partnering with retailers to support upgrades, improve education
and help customers get more from their fibre connection.
In FY26, we completed the delivery of new automation across fibre ordering and retired
our legacy platform, the culmination of more than two years of development and retailer
migration. The new platform reduces integration cost and complexity for our RSPs and
provides a scalable foundation for faster product innovation and improved customer
experiences.
LEAD

OUR PRIORITIES - EXPANDCHORUS FULL YEAR RESULTS 2026
19
Our team is focused on scaling the infrastructure that New Zealand’s digital economy is
built on and developing new opportunities that leverage our assets while growing existing
revenue categories. We continue to simplify our infrastructure products to align with
evolving AI-era demand. AI systems depend on the continuous flow of huge volumes of
data and that connectivity requires critical and reliable infrastructure, which Chorus can
deliver and scale. We are targeting annual infrastructure revenues of approximately $180
million to $200 million by 2030.
Demand remains strong for reliable, resilient fibre connectivity to support our customers’
assets, including digital billboards and traffic cameras. During the year we continued to
drive smart location activations migrating connections from copper to fibre.
Our core mobile infrastructure offering of providing backhaul fibre to new cell sites
continued, with approximately 3,400 cell site connections at year end. We expanded
New Zealand’s mobile coverage footprint by supporting 5G infill and expansion with
approximately 250 new sites built.
OUR EXPAND PI--AR IS ABOUT EXPANDING NEW RE7ENUES
We connect numerous New Zealand data centres and continue to innovate on products
for our customers. During FY26, we continued the rollout of Express Connect, a purpose-
built data centre connectivity service that enables RSPs to offer fast, enterprise-grade
connectivity. This expansion comes at a time when speed, reliability and simplicity are
increasingly important for organisations hosting critical infrastructure in co-location
facilities. As more businesses shift servers, storage and specialised workloads from their own
environments into data centres for greater stability and security, the need for purpose-built,
high-performance connectivity is increasing. Express Connect was available at eight data-
centre locations at year end. During FY27, we expect to continue expanding the service to
additional data centre sites, prioritising locations that best support partner readiness,
customer demand and strategic growth opportunities.
Recently we launched Unified Transport, offering a simplified national high-capacity
transport product for our customers. Businesses are moving increasingly large volumes of
data across more locations and require connectivity that can scale accordingly. The product
simplifies the way telecommunications companies, managed service providers, data centre
operators and the enterprises they support buy connectivity across the country. Customers
now benefit from a more streamlined experience, faster quotes and better pricing.
Datacentre220
– our first Express
Connect installation
EXPAND

OUR PRIORITIES - EXPANDCHORUS FULL YEAR RESULTS 2026
20
Ongoing customer demand delivered steady growth in rack space across our four
EdgeCentre co-location exchanges. We are actively exploring partnerships with third
parties to accelerate the commercialisation of edge infrastructure and unlock new revenue
opportunities. Our approach is that our EdgeCentre capability is positioned to flex with
demand. We will leverage partnerships and target deployments to capture opportunities
while maintaining optionality as clearer, scalable edge and AI use cases develop.
On legacy services, we completed the migration of services from Chorus’ old
Regional Ethernet Network during the year, delivered through effective partnership
with our RSPs .
Chorus is progressing a feasibility assessment on a new subsea cable connecting the North
and South Islands, reflecting our core role in supporting critical national infrastructure, the
digital equivalent of State Highway One for New Zealand. As data usage continues to grow,
and as New Zealand seeks to support a more digitally enabled economy, greater inter-island
resilience will be increasingly important. To support this work, Chorus has contracted
Pioneer Consulting (a specialist international submarine cable consultancy) to provide
technical, commercial and procurement support through the early development and due
diligence phase. Preparatory work of site-related activity is underway, including consenting,
early landing station planning, route and marine engineering and early procurement
planning. We will assess the commercial, delivery and operational considerations before
progressing to any final investment decision in FY27.
We have commenced a trial of deploying small-scale (less than 5MW) Battery Energy
Storage Systems (BESS) across the existing Chorus property footprint. The trial will look
at the role Chorus can play in helping local lines companies manage future network
investment by leveraging BESS technology to smooth energy peaks, while also looking to
monetise value from a volatile energy market. We are currently working with two lines
companies, and if successful, we would look to expand this programme in FY28.
During the year, after completing proof of value trials to assess market and scalability,
the Neura brand was divested with investment reprioritised.
Through new property development, we delivered approximately 22,000 lots passed for
the year, within our typical annual range of 20,000 to 25,000 per annum. This compared
to 24,000 lots passed in the prior year. As broader economic conditions improve, and
supported by inbound orders at year end, we expect this segment to return to growth in
FY27. While developers remain cautious, we have a solid pipeline of volume with steady
incoming demand and feedback on our delivery performance has been positive. We have
strengthened relationships with major developers, including several who have recently
re-signed their partnerships with us.
EXPAND

OUR PRIORITIES - ADAPTCHORUS FULL YEAR RESULTS 2026
21
Our A dapt pillar is about driving operational excellence across our organisation, through
discipline and efficiency across systems and processes.
OUR ADAPT PILLAR IS ABOUT DRI7I/G OPERATIO/AL E9CELLE/CE
Regulatory framework
A key factor influencing our ability to deliver operational excellence is the regulatory
framework governing Chorus. In March 2026, the Ministry for Regulation issued its final
report on its review of the telecommunications sector. The review considered whether
current regulation remains fit for purpose in light of technology and market changes. It
made 22 recommendations including the recommendation to remove all shareholder
caps from Local Fibre Companies’ constitutions and recommendations that fibre regulatory
processes are streamlined, duplication is removed, and rules are consolidated. We
look forward to progress being made in implementing the review’s recommendations.
Positive progress has been made on shareholder cap removal and Chorus is now in a
position to request that shareholders vote on the necessary constitutional changes at the
upcoming Annual Shareholders Meeting.
In August 2025, the Commerce Commission issued its final recommendation to the Minister
for Media and Communications that copper services should be deregulated, noting there
are multiple alternative services available to customers. We support this recommendation
and look forward to the Minister's decision.
The Commission is also running its seven-yearly review of the input methodology rules
for fibre; the draft decisions indicate modest improvements will be made to the rules to
streamline and simplify the requirements, but we do not expect material changes.
As our operating model has evolved, our Horizon 2 focus has been on efficiency and
simplicity. We have driven year on year cost reductions whilst absorbing inflationary costs.
We have also continued to evolve our capability within our Executive team with the
appointments of Ken Walliss, Executive GM, Access; Martin Sharrock, Chief Technology
Officer and Matt Bolton, Executive GM, Infrastructure. We also established a consolidated
Data & Analytics function and we have evolved our AI integration.
AI at Chorus
We recognise the vital role Chorus plays in enabling AI adoption nationwide. We are also
leveraging the value AI can deliver across our business. This is for our staff productivity, for
team and business workflow improvements and to transform how our business operates.
Our AI mission statement is to "empower our people, enable innovation and deliver
measurable value through trusted and transformative AI."
A recent survey reported that over 80% of Chorus staff are utilising AI for work related tasks.
This is via secure AI chat capability and AI embedded in Microsoft tools and many other
software solutions utilised throughout Chorus.
A cross-business initiative at Chorus is currently tracking over 125 use cases enabled by AI
targeted at improving workflows, processes and practices across the company. These are
supported by several different AI implementations and technologies, which is an indication
that no one source or supplier can fuel the varied challenges and possibilities for innovation.
Use case examples include streamlining work audits by interpreting Chorus field technician
policies with real job data, AI-assisted code development and software testing improving
the speed, quality, and reliability of network configuration changes. In addition, improved
productivity for Chorus call centre agents through the use of AI during and after customer
interactions and interactive internal policy agents significantly speeding up data and
information search and retrieval, reducing the need for expert questions and intervention.
Security, training and certification are a focus for the Chorus AI initiative and governance.
It is clear that the adoption and use of AI is a people and organisational challenge in addition
to enabling new technology. All Chorus staff are certified in the safe use of AI at work.
Enterprise usage is restricted to approved AI tools and information generated is checked
with a 'human in the loop' approach. AI systems must meet Chorus’ security, privacy and
data‑protection standards from design through deployment. Implementation of AI solutions
is considered against the Board approved risk management framework including established
risk tolerances.
Chorus will continue to adopt a targeted, value-oriented approach to the technology,
leverage maturing AI capability, learning from others and moving quickly on proven
value cases.
ADAPT

FY26FY25
Total copper connections remaining44,00092,000
Direct copper operating expenditure$31m$45m
Copper reactive fault expenditure$12m$19m
Legacy metal network recycled (tonnes)8171,090
OUR PRIORITIES - PIONEERCHORUS FULL YEAR RESULTS 2026
22
Our Pioneer strategy pillar includes a focus on retiring copper connections and assets,
simplifying our business to become an “all fibre business”. In parallel, we continue to identify
opportunities for fibre expansion.
OUR PIONEER PILLAR IS ABOUT PIONEERING AN ALL-FIBRE BUSINESS
Total copper connections reduced by more than half, year on year. The copper-to-fibre
transition is now largely complete across New Zealand’s fibre footprint, with fewer than
1,000 copper connections remaining to migrate to fibre across both Chorus’ and the other
local fibre companies’ networks. Approximately 43,000 copper connections were outside
the existing specified fibre area footprint at year end. Given the pace of decline, we
announced during the year that we would bring forward the date of the copper network
retirement to the end of 2028 from 2030 as previously signalled.
The change reflects reduced demand for copper services as customers and retail service
providers continue to move to more modern broadband technologies, like fibre, fixed
wireless and satellite.
Maintaining a nationwide legacy network being used by approximately 2.5 per cent of
households when there are more cost-effective, modern alternatives is no longer efficient.
Bringing forward the timeline provides retailers and customers certainty, including for those
still using copper, so they can prepare in an orderly and structured way.
Over the next two years, Chorus will continue to work closely with retail service providers on
coordinated transition plans. This includes working with alternative service providers,
supporting vulnerable users and providing information so that all affected customers are
aware of the alternative technologies available.
Chorus has already successfully supported hundreds of thousands of consumers onto
new technologies, including in some of New Zealand’s most remote areas. Those transitions
have proceeded smoothly, giving us confidence in an efficient and dependable nationwide
process over the coming years. Our focus now is to ensure remaining copper customers are
transitioned in a planned and coordinated way, with support and information available for
customers as they shift to modern telecommunications services. More detail on this
approach is outlined on page 31.
As customers exit the copper network, we continue to decommission redundant equipment
and power down sites where appropriate. This supports a simpler, more efficient network,
with the progressive retirement of copper assets contributing to lower electricity use and
reduced maintenance costs. Electricity consumption was 7% lower than FY25.
Meanwhile our copper recycling initiative has transitioned from a successful trial to a
fully operational programme. Activity started ramping up in the second half of the year
and delivered $4 million to EBITDA for the FY26 year.
Based on current copper prices and transactions completed to date, we now expect
cumulative net copper recovery proceeds of $50 million to $70 million from inception in
FY25 to conclusion in 2030, compared with previous expectations of $30 million to $50
million. The revised range reflects the stronger copper price environment and our
experience from the programme to date. Future proceeds will continue to depend on
commodity prices and the timing of copper becoming available for recovery.
Taking fibre further
In FY26, Chorus completed its Fibre Frontier build programme. The completed programme
saw fibre rolled out to 59 communities and passed around 9,000 premises. Less than a year
after the completion of the programme, we’ve seen around half of these premises passed
have connected to fibre meaning over 10,000 additional New Zealanders are now accessing
future-proofed fibre broadband. Our launch of the Community Co-Funded Programme has
helped identify smaller pockets of economical fibre build for Chorus to complete. We are
actively engaging with over 50 smaller communities and have around 1,300 premises at
various stages of build. Over 200 of these premises are already connected to a fibre service.
Chorus contributes $3,500 per premise, supporting communities outside the current fibre
footprint to co-invest in their connectivity. This model provides a practical and community-
focused pathway to extend fibre access where viable.
PIONEER

OUR PRIORITIES - PIONEERCHORUS FULL YEAR RESULTS 2026
23
Property portfolio optimisation
Chorus has established a programme to determine and implement the property footprint
required to support a nationwide all-fibre network. Our property portfolio reflects a large,
diverse and complex asset base, with many sites and assets originally designed for a legacy
copper network that is being retired.
As part of this work, we are assessing our site requirements and network functionality to
identify the most efficient long-term footprint for the future network. This includes
consolidating network functions where appropriate and reducing reliance on high-cost or
inefficient sites, while maintaining the resilience, coverage and performance required to
support New Zealand's fibre infrastructure.
Where opportunities arise, we may also explore the disposal, subdivision or repurposing of
surplus property assets. However, the primary objective is to establish a right-sized property
footprint aligned with future network needs and a sustainable long-term operating model.
Over time, we expect this to support greater operational efficiency and help offset cost
pressures, while ensuring strategically important sites continue to support the performance
and resilience of the fibre network and other adjacent opportunities. We are currently testing
market interest in a portfolio of non-core remote sites that primarily support legacy radio
and copper networks.
Mount Prospect tower
On scaling fibre expansion, Chorus has proposed extending the current fibre footprint
to reach 95% of the population. The Infrastructure Commission has identified this as a
significant opportunity, although it has not yet received government funding. Chorus
continues to advocate for a co-ordinated government rural connectivity strategy. While
current Crown fiscal constraints make public funding for investment of this scale
challenging, Chorus remains well placed to support any future expansion if the
opportunity progresses.
In the meantime, Chorus' focus is on brownfield & infill opportunities as highlighted in
our LEAD pillar earlier.
PIONEER

OUR ENABLERSCHORUS FULL YEAR RESULTS 2026
Our enablers
Enabling our strategy
Material topics
Our enablers
Our enablers - Future-fit connectivity
Our enablers - Resilient connectivity
Our enablers - Equitable connectivity
25
26
28
28
31
33

24

ENABLING OUR STRATEGY CHORUS FULL YEAR RESULTS 2026
25
Enabling our strategy
Our sustainability strategy supports Chorus’
wider corporate strategy by focusing on the
relationships and resources we rely on to
deliver long-term value: our Environment,
Communities, Customers & Partners and
Peo ple ( the Chorus ecosystem).
Ou r strategy is anchored in Chorus’ purpose
– Unleashing potential through connectivity.
Enabling better futures for Aotearoa.
In FY26 we refreshed our strategy with a
view to ensuring our sustainability efforts
are focused where we believe we can have the
greatest impact and fulfil our role as a critical
provider of connectivity for Aotearoa New
Zealand. Through this we have introduced
three interconnected purpose-led focus areas:
These focus areas are grounded in materiality
(see page 26), bringing together what matters
most to Chorus and our ecosystem.
This refresh represents an evolution rather
than a fundamental change in approach.
The Chorus ecosystem remains unchanged,
as do the long-term aspirations we have set,
with the exception of Thriving People. We
have made some adjustments to this aspiration,
to better reflect our focus on ‘Future-fit’, and
broader efforts of the organisation in relation
to our people.
Resilient Connectivity:
Our ecosystem is ready to withstand
future challenges and adapt to change.
Equitable Connectivity:
Our ecosystem works together to drive
fairer access to the benefits of connectivity.
Future-fit Connectivity:
Our ecosystem reflects a changing
population, with the skills and mindsets
to meet tomorrow’s needs.
We report our progress against material climate-related targets under
Aotearoa's mandatory climate-related disclosures (CRD) regime in our
FY26 Climate Statements. The following section is designed to provide

a snapshot of our broader sustainability progress, and should be read
in tandem with the Climate Statements. Please refer to our FY26
Climate Statements.

STAKEHOLDER GROUPECOSYSTEM TOUCH POINTSFY26 ENGAGEMENT THEMES
MediaEnvironment
Communities
Customers & Partners
Network resilience, weather events,
rural connectivity.
Grassroots communityEnvironment
Communities
Digital inclusion, rural connectivity,
copper retirement, network resilience.
Industry groups and
associations
Environment
Customers & partners
Infrastructure resilience, regulatory
and policy settings, competition.
Not-for-profits and
social agencies
CommunitiesDigital inclusion, cost of living,
policy settings.
SuppliersCustomers & partners
People
Revenue, safety, worker welfare, ethical
supply chain, delivery performance,
environmental performance and
weather-related events.
InvestorsCustomers & partnersLong-term value creation, governance,
risk management.
ConsumersCustomers & partnersAffordability, network reliability, service
experience.
Retail service partnersCustomers & partnersNetwork reliability, service experience,
network capability.
Government & regulatorsCustomers & partnersRegulatory settings, resilience,
competition, rural connectivity.
Chorus employeesPeopleHealth, safety and wellbeing, DE&I,
capability and change.
OUR MATERIAL TOPICS CHORUS FULL YEAR RESULTS 2026
Our material topics
Our stakeholder engagement helps us understand the issues, expectations and opportunities
that matter most to our ecosystem, with engagement programmes designed to be proactive,
transparent and tailored to the needs of diverse groups.
For example, FY26 engagement included:
Retail Service Partners: Direct in-person connection sessions, product education
updates, Networking Evening and Chorus Golf Classic events. Combined, these aim to
help strengthen relationships, share feedback and align delivery priorities.
Central and local government: Formal participation in consultations and policy
discussions combined with direct engagement with key members of central and local
government (including the Prime Minister, Ministers, MPs, mayors, elected local members,
councils, government agencies and officials). These interactions aim to build
understanding of New Zealand's connectivity landscape, inform policy development and
support the delivery of positive outcomes.
Industry groups and associations: Participation in sector working groups (e.g.
Telecommunications Forum), engagement with advocacy groups (e.g. Digital Equity
Coalition Aotearoa, Federated Farmers, Rural Women New Zealand), and representation at
industry events (e.g. Tech Users NZ). These aim to build understanding of key initiatives,
support sector alignment and surface stakeholder perspectives on areas of shared interest.
Other examples are covered in the ‘Our Enablers’ section from page 28.
Identifying, understanding and reporting on our material topics helps us stay focused
on the key drivers of long-term value. As part of this, we consider the topics that matter
most to our ecosystem (Environment, Communities, Customers & Partners and People).
We re-assess our material topics annually through the annual reporting process, drawing
on both qualitative and quantitative factors (including stakeholder perspectives, insights and
data, risk assessments, regulatory developments and targeted internal and external pulse
checks when needed).
The engagement themes outlined below provide a practical view of what we understand
mattered most to different stakeholder groups over the period, and how those themes
connect back to our ecosystem.
STAKEHOLDER ENGAGEMENT IN FY26
26

MATERIAL TOPICHOW CHORUS IS ADDRESSING THIS
Network reliabilityResilient connectivity – pg 31
Network resilienceResilient connectivity – pg 31
Digital inclusion/equityEquitable connectivity – pg 33
Health & safety – employees
& contractors
Future-fit connectivity – pg 28
Risk management – pg 101
Regulatory complianceRisk management – pg 101
Community engagement &
social licence to operate
Stakeholder engagement – pg 26
Equitable connectivity – pg 33
Cybersecurity & data governanceRisk management – pg 101
Sustainable supply chain practicesEthical standards – pg 88
Risk management & resilience planningResilient connectivity – pg 31
Risk management – pg 101
Board diversity & independenceOur Board – pg 78
Diversity, equity and inclusion (DE&I)Future-fit connectivity – pg 28
Ethical business practicesEthical standards – pg 88
Employee engagement & developmentFuture-fit connectivity – pg 28
STAKEHOLDER INFORMED PRIORITY RANKING
LOWER
HIGHER
WHAT THIS MEANS FOR OUR MATERIAL TOPICS
OUR MATERIAL TOPICS CHORUS FULL YEAR RESULTS 2026
Our material topics (continued)
In FY27, we plan to complete a more comprehensive materiality assessment, taking a
comprehensive view across Chorus and our ecosystem. This will bring together broad
stakeholder input, business insight, risk analysis and external trends to support the next
stage of our strategy and reporting.
The previous full external-led assessment was undertaken in 2022 and refreshed each year
with targeted internal and external stakeholder pulse checks.
The FY26 engagement confirmed that our material topics remain largely consistent with our
current list of material topics, and are unchanged from last year.
27

FUTURE-FIT CONNECTIVITY
FY25
0.99
FY26
2.16
NOTES: INDUSTRY BENCHMARK = 17.9.
Chorus’ TRIFR increased by 1.17 year on year,
with medical treatment injuries increasing and
fewer hours worked. There was no increase in
significant harm.
FY26
8.6/10
FY26
TOP
10 %
FY26
eNPS
+63
FY26
8.7/10
FY26
TOP
10 %
FY26
eNPS
+62
FY26
8.7/10
FY26
TOP
25 %
FY26
eNPS
+68
FY26
8.4/10
FY26
eNPS
+56
Overall
DIVERSITY, EQUITY
& INCLUSION
TARGET:
TOP 10% OF
TECHNOLOGY
INDUSTRY
BENCHMARK
Diversity
Inclusion
Non-discriminatory
NOTES:
Chorus is within the top
10% of the technology
industry benchmark for
eNPS and top 25% for
engagement score in
FY26. Chorus engagement
survey data is provided by
Peakon who provide a
technology sector
benchmark for
comparison. Achieving a
score within the top 10%
of the benchmark is
considered best in class.
FY25
0.99
LOST TIME INJURY
FREQUENCY RATE
(LTIFR)
FY26
1.23
NOTES: INDUSTRY BENCHMARK = 9.25.
Chorus’ LTIFR increased by 0.24 year on year,
with lost time injuries unchanged but fewer
hours worked.
TOTAL RECORDABLE
INJURY FREQUENCY
RATE (TRIFR)
FY25
12,810
NUMBER OF SAFETY
INSPECTIONS
FY26
16,330
NOTES:
FY26: 1,640 (Chorus); 14,690 (service companies).
FY25: 3,268 (Chorus); 9,542 (service companies).
Increased safety inspections reflect increased
focus on supply chain assurance and critical
risk assurance.
Diversity, Equity & Inclusion
OUR ENABLERS  FUTUREFIT CONNECTIVITYCHORUS FULL YEAR RESULTS 2026
Our enablers
Our workforce has the skills and mindsets to meet tomorrow’s needs. Creating future-fit
connectivity means building the capability, culture and care needed for Chorus and the
people who work across our network to adapt as the nature of work, technology and our
operating environment continue to change.
Health & Safety
Strengthening our people, culture and connections
Chorus continues to focus on ensuring we have a diverse, equitable and inclusive workplace
and we are working towards embedding these principles in our organisational infrastructure.
Gender pay equity remained a key area of focus for Chorus over the period, following a new
Gender Equity Plan established in FY25 to identify, address and mitigate any inequities. For
more information on our progress in this area in FY26, see the ‘Remuneration and
performance’ section of this report at page 92.
In partnership with Maurea Consulting, we also embarked on a journey at the start of this
year to develop a Te Ao Māori strategy for Chorus. The work assessed our current cultural
capability and identified opportunities to embed Te Ao Māori principles across our business,
particularly in how we engage with customers, suppliers, partners and future commercial
opportunities. Development of the strategy included engagement with Māori organisations,
partners and our Te Raranga Tangata employee network through a series of wānanga.
Our Te Ao Māori strategy takes its name from a whakatauākī gifted by Maurea Consulting:
“Hora te muka, ka whānui te pae”, meaning “spread the fibre, and the horizon widens.”
It is built around the following four pillars:
28
Our Te Ao Māori strategy is supported by a roadmap extending from FY26 to FY33. The
next step will be implementation, embedding the strategy across Chorus and accelerating
progress towards long-term cultural, social and business outcomes.
GROW
PARTICIPATION
in the Māori
economy
IMPROVE
Māori cultural
competency
and usage
ATTRACT,
RETAIN &
PATHWAY
Māori in leadership
GROW
PARTNERSHIPS
with Iwi and
Māori

Meanwhile, employee participation in Rainbow volunteering increased to 28% over the
period and engagement scores for LGBTQIA+ employees now rank in the top 25% of the
tech industry benchmark. We were awarded the Pride Pledge certification over the FY26-
FY28 period, becoming the third organisation in Aotearoa to do so, as well as being listed
as a finalist in the “Pride Progress” category at the Rainbow Excellence Awards.
Chorus also achieved the highest possible “Advanced” rating across all seven competencies
in Te Uru Tāngata Centre for Workplace Inclusion's Aotearoa Inclusivity Matrix (AiM). We also
received a Highly Commended award in the Workplace Inclusion category at the Diversity
Works Awards. Our focus on gender equity was further acknowledged through a “Leading”
rating in the Gender Tick programme, the highest level awarded, with Chorus becoming
only the second organisation in New Zealand to achieve this recognition.
In the year ahead, we intend to maintain momentum in gender equity initiatives, progress
our Accessibility Tick action plan and embed Talent and Te Ao Māori strategy initiatives.
OUR ENABLERS - FUTURE-FIT CONNECTIVITYCHORUS FULL YEAR RESULTS 2026
Our enablers (continued)
During the year, we completed our new purpose-built Christchurch office at 211 High
Street, replacing our Moorhouse Avenue site. The new workplace has been designed
from the ground up with Chorus culture and team in mind. It will support modern
ways of working, with a mix of collaboration and focus spaces, wellbeing and
inclusion facilities and flexible environments that reflect how our people work today.
The building also reflects our sustainability ambitions. Constructed using a mass
timber and steel hybrid design, it has achieved a 6 Green Star Design & As Built
certification, the highest rating awarded by the New Zealand Green Building Council,
recognising world-leading performance across energy, water, materials, emissions
and indoor environmental quality. Chorus is also targeting a 5-Star NABERSNZ rating
once a full year of operational performance data is available.
Located in the heart of Christchurch CBD, Chorus’ goal for the new office is to
strengthen collaboration, support employee wellbeing and reinforce Chorus' long-
term commitment to the city and wider Canterbury region. The Christchurch-based
team moved in following year end, in July 2026.
New digs in Christchurch
29

OUR ENABLERS - FUTURE-FIT CONNECTIVITYCHORUS FULL YEAR RESULTS 2026
Our enablers (continued)
Protecting worker welfare
Chorus’ supply chains span the globe, with the majority of our procurement occurring in
New Zealand. We source a range of goods and services from New Zealand and international
suppliers, including partners headquartered in Australia, Europe, North America and Asia,
many of which also maintain a presence in New Zealand.
During procurement and contracting activities, we manage modern slavery and worker
welfare risks through our Supplier Code of Practice. The Code of Practice establishes our
expectations regarding fair treatment of workers and includes processes for remediation
of non-compliance or for termination in cases of significant or repeated breaches. Our
approach is to make worker welfare an everyday part of business. Key tools for doing so
include Chorus’ online portal, an independent whistle-blower process and our Ethical Voice
survey for technicians.
The Ethical Voice survey is conducted twice every year to gather direct feedback from
workers and identify opportunities for continuous improvement. The latest survey in
FY26 achieved a strong participation rate of 51%, up from 34% previously, with 361
comments received.
Feedback highlighted several positive outcomes, including strong confidence that
workers are aware of their employment entitlements, have access to the right equipment
to perform their jobs safely and regularly receive feedback on work quality. Most
respondents also reported feeling comfortable raising concerns and demonstrated
awareness of available worker welfare support channels. Respondents also reported areas
of improvement including oversight on unpaid leave practices, strengthening speak-up
culture, and increasing awareness of Worker Welfare reporting channels, and these areas
will be addressed in FY27. These results reinforce the positive impact of the Worker Welfare
Programme and Chorus' ongoing commitment to ensure every technician gets treated fairly.
We have a dedicated worker welfare programme that oversees Chorus’ contractors and
subcontractors working on our network, as well as a cross-business governance team that
oversees potential mistreatment investigations and the service companies’ worker welfare
programmes. We are committed to maintaining high standards across our supplier network
and treat all complaints seriously. Where necessary, we take corrective action, including
removing companies from our network after investigating complaints. In FY26, three
companies were removed from work on the Chorus network, compared with eleven in FY25.
The observed year on year reduction in companies removed aligns to programme maturity
and changes in the broader work environment for FY26.
An independent review by Martin Jenkins in FY26 confirmed that Chorus’ Worker Welfare
Programme is mature and aligned with leading practice, recognising strong leadership,
governance, worker protections and monitoring processes. The review highlighted the
significant progress made since issues involving the mistreatment of migrant workers in our
subcontracted field workforce were identified in FY19 and affirmed that Chorus has a strong
foundation to effectively identify and address worker welfare risks, while continuing to
evolve its approach to meet emerging challenges.
Health, safety and wellbeing at Chorus is mature and embedded across people and assets.
Through industry forums and strategic engagement, we work with telecommunications
stakeholders to help raise health and safety standards across the sector.
Our approach combines the monitoring of safety maturity, engagement and behaviours,
using benchmarked practices to understand whether our health and safety framework is
effective and where improvements can be made. This helps ensure safety remains a central
pillar of our operational sustainability. During FY26, external assurance and recertification to
Tōtika, a cross-industry health and safety pre-qualification standard, improved from 88% to
96%. There were seven recordable injuries across the year and all were of minor severity.
Chorus and its partners completed more than 16,000 in-field assurance checks across the
network, which is an average of about 70 checks per working day. These checks help verify
that trained personnel and appropriate tools were used, with an emphasis on critical
controls and knowledge.
In FY27, we will continue to drive a safe and resilient Chorus. Key areas of focus include
continuing to strengthen critical control management and assurance, mitigating broader
asset and people Health & Safety risks as we transition to a fibre-only business, and support
a sustainable long-term field operating model that puts our field workers at the centre.
A switched-on, people-centred, critical control-driven mindset is our future strength.
Health, Safety & Wellbeing at Chorus
30
Technician preparing network connections inside a fibre distribution point

RESILIENT CONNECTIVITY
Verified SBTi target
':
5,998
tCO2e
FY25
7,877
tCO2e
Reduce absolute scope 1 &
2 emissions by 62% by FY30
against FY20 base year
(10,536 tCO2e).
FY26
55%
TOP SUPPLIERS
FY25
43%
TOP SUPPLIERS
NOTES: Supporting initiatives included proactive
air-conditioning maintenance, which helped
reduce refrigerant leaks (Scope 1) and reduced
electricity consumption (Scope 2). The Ministry
for the Environment’s 2026 electricity emissions
factor also contributed to reduced emissions
over the period. For more details refer to page
32 and the FY26 Climate Statements.
Scope 3 engagement goal:
70% of our suppliers by
spend to have a science-
based target by FY29.
NOTES: Supported by continued engagement
with top suppliers to ensure plans are in place
for SBTi validated targets and reporting. For
more details refer to the FY26 Climate
Statements.
OUR ENABLERS - RESILIENT CONNECTIVITYCHORUS FULL YEAR RESULTS 2026
Our enablers (continued)
As New Zealand's major digital infrastructure provider, Chorus plays a critical role in helping
communities, businesses and public services stay connected. We aim to create resilient
connectivity so our network can withstand disruption, adapt to changing conditions and
continue to support New Zealand's growing reliance on digital services.
Enabling copper retirement through transparent engagement
We continued to make substantial progress in retiring our legacy copper network over
the period as covered on page 22.
Our ability to transition customers off copper and onto more modern, reliable forms
of connectivity rests on our social license. To enable this, we continued to focus on
strengthening relationships in regional communities – including with local Government

and community leaders – and ensuring customers remained well informed throughout
the process.
As part of this, we met with 27 of the 32 new mayors across New Zealand following the
2025 local government elections. We also attended a number of council meetings in person
to provide updates on connectivity in local areas and run education sessions for new and
returning elected members.
We continued to deliver community events across the country to raise awareness of the
retirement of the copper network, understand local connectivity barriers, and explore digital
skills needs. In addition, we attended major regional events such as Fieldays and various A&P
shows. This has helped provide people with easy access to information about our activities
to build out fibre further and the retirement of the copper network.
In-person engagement has also been supported by a suite of education-focused content
designed to help consumers prepare for copper retirement. This included advertising and
content across a range of print, search and digital channels, with a specific focus on rural
audiences and regions most likely to be impacted by copper retirement.
Climate target
':
66.7
GWh
FY25
71.5
GWh
FY26
92%
FY25
56%
Vehicle fleet reduction
goal 100% plug-in
electric or hybrid fleet
by end of FY28.
NOTES: In FY26 we replaced 13 diesel vehicles
with hybrid alternatives. For more details refer
to the FY26 Climate Statements.
Reduce electricity use by
25% against FY20 base year
(80.4 GWh) by 2030. Interim
milestone of 6-9% reduction
in FY26 against FY25.
NOTES: Climate targets supported by a
range of initiatives and dependencies including
progress on copper retirement and legacy
equipment removal, renewable generation
from the national grid continuing to improve,
and major suppliers providing accurate data
and meeting their contractual obligations to
Chorus. For more details on the key
assumptions, dependencies and potential
barriers that may impact Chorus’ progress
towards delivering its climate goals and
supporting initiatives refer to our FY26
Climate Statements
Network reliability
C:
2.84
CY2024
2.93
CY2025
1.24
CY2024
1.20
Fibre faults* per 100
connections layer 2
Fibre faults* per 100
connections layer 1
NOTES: Network monitored 24/7 and
disaster response plans in place to help
maintain or restore services in an emergency.
Fibre performance measures provided are
reported to the Commerce Commission,
as part of Chorus’ information disclosures.
They contain network availability in 23
geographic regions based on downtime in
the Layer 1 (physical) and Layer 2 (electronic)
parts of the network.
* Excludes force majeure events.
Navigating severe weather events with resilience
New Zealand is facing increasing risks from severe weather events and natural climate
hazards. Telecommunications remains a vital utility in severe weather events, and ensuring
our network is resilient is an essential part of building confidence with New Zealanders.
We continued targeted resilience programmes across vulnerable parts of the network,
including investment in infrastructure designed to improve service continuity and recovery
following weather-related disruptions. This includes resilience enhancements in regions
exposed to heightened natural hazard risks, helping strengthen connectivity for
communities that rely on our network.
Two projects over FY26 included a new fibre link in Te Atatu, and the completion of the
West Coast fibre ring, both of which make our network more resilient and lower the risk
of outages caused by fibre damages.
The Commerce Commission approved our plans to invest $82.5 million over our current
regulatory period to increase the resilience of our services. This includes providing dual
paths for our connections to more communities, and improving earthquake strengthening
for our buildings.
31

OUR ENABLERS - RESILIENT CONNECTIVITYCHORUS FULL YEAR RESULTS 2026
Our enablers (continued)
Understanding our climate risk
Insights from climate risk assessments and external climate forecasting are beginning to
inform our asset planning and infrastructure investment decisions.
We consider that asset exposure remains the best proxy measure for assessing Chorus’
climate vulnerability to physical risk at this time.
In FY26, we engaged Aon to update its 2023 assessment of Chorus’ fibre assets’ exposure to
physical climate hazards, which formed the basis for our physical risk exposure in FY24 and
FY25. This work included updated scenarios and data mapping and an expanded scope of
hazards, to capture wind, temperature and landslides.
Thi s updated assessment has not resulted in any material increase in exposure compared
to Aon’s previous assessment. While additional hazards were included in the FY26 updated
assessment, the analysis also supported our existing internal view of network exposure
from direct climate hazards.
We intend to use Aon’s latest exposure assessment of fibre assets to continue to build on
our internal modelling, applying a more focused ‘climate lens’ to relevant site-level exposure
data over time. This helps ensure that physical climate risk exposure is considered when
assessing site condition, prioritising investment decisions, and planning future works.
We expect climate-related risks and weather volatility to remain significant considerations
for us as an infrastructure operator. Chorus plans to continue integrating climate resilience
into network planning, renewal programmes and investment decisions to help ensure
reliable connectivity for future generations.
In FY26, we continued to improve energy efficiency and reduce emissions through
practical initiatives across our network, fleet and property portfolio. This included
progressing copper retirement and legacy equipment removal (see pages 22 and 31),
converting exchange sites to higher cooling set points and replacing more diesel vehicles
with hybrid alternatives (with a further 13 fleet vehicles converted to either plug-in hybrid
or hybrid vehicles over the period).
These actions helped reduce electricity use by 6.7% against FY25 and 17% against FY20.
Scope 1 and 2 emissions reduced to 5,998 tCO₂e, a 43% reduction from Chorus’ FY20 base
year – noting this reflects both lower electricity consumption and the impact of a lower
national electricity emissions factor.
Looking ahead, we will continue to focus our efforts on those initiatives where we can
materially advance our electricity and emissions goals. More detail on our emissions
performance, targets, transition planning and climate-related risks and opportunities is
available in our FY26 Climate Statements.
Improving energy efficiency and reducing emissions
32
Chorus electric vehicle on the road

EQUITABLE CONNECTIVITY
These insights have shaped our wholesale Equity Fibre 100 product, which we launched in
March 2026.
The product provides affordable connectivity through a retail price cap of $30 a month
and delivers fibre broadband at 100/20 Mbps. Eligible households include those with inactive
fibre addresses who can provide evidence of financial need, such as a Community Services
Card or MSD documentation, and either live in public, social or community housing, or have
a child attending an Equity Index school of 490 or higher.
The proof-of-concept also influenced how we took the product to market. We worked
alongside trusted community organisations, schools, housing providers and local advocates
and influencers to raise awareness and connect eligible households with the programme.
Community information packs, translated resources and targeted communications have
been developed to help ensure information reaches the right audiences in accessible ways.
An Equity Fibre website was developed to make it easier for people to check whether their
address is eligible and to see if their child's school qualifies for the offer. However, feedback
from communities highlighted that navigating the eligibility process can be a roadblock.
These learnings are helping to inform improvements to the customer experience.
Since launch, more than 1,000 customers are benefitting from Equity Fibre 100. While this
is an encouraging start, we see significant opportunity to expand reach and connect more
eligible households. Six retail providers have signed on to offer products based on Equity
Fibre 100, and we continue to work to bring on additional retailers to broaden access and
awareness.
Looking ahead, our focus is on building sustainable uptake by expanding retail and
community participation, continuing targeted outreach through trusted partners, and
learning from early adoption to improve the model over time. This will include working with
community partners to make it easier to onboard new customers.
Equity Fibre 100 is not a one-off campaign; it is part of our broader Whiria Te Aka Matihiko
(our Digital Equity Support Fund) programme and our long-term commitment to equitable
connectivity across Aotearoa. Other elements of our activity over the period are captured in
the following sections.
FY26
3,055
digital equity
connections
DIGITAL EQUITY
CONNECTIONS
NOTES: (1,004 Equity Fibre 100 connections &
2,051 former Ministry of Education connections).
OUR ENABLERS - EQUITABLE CONNECTIVITYCHORUS FULL YEAR RESULTS 2026
Our enablers (continued)
As New Zealand’s largest wholesale telecommunications infrastructure provider, Chorus
has a role in helping more people access the opportunities connectivity enables. Supporting
equitable connectivity is underpinned through our dedicated programme, Whiria Te Aka
Matihiko, which brings together the people, tools, product and support needed to address
some of the barriers that prevent people from participating in the digital world.
Improving connectivity with low-cost fibre
In FY26, we synthesised the learnings of our Digital Equity product proof-of-concept trial to
better understand what would help underserved households access an affordable fibre
product. Key findings included:
Affordability: $30/month emerged as the most manageable price point, with 97% of
users choosing it over a slightly cheaper, lower-speed alternative.
Eligibility: simple, inclusive criteria worked best, with trusted community partners
playing a key role in validating eligibility.
Delivery: solution needed to be simple, trusted and delivered through people and
organisations already known to the communities it was designed to support.
Digital Equity Coalition’s Kaupapa Lead Bronwyn Scott
33
“Internet access has quietly become a prerequisite for opportunity.
From job applications to homework to healthcare, the offline gap
shapes life outcomes in ways that don’t get enough attention.
I welcome the efforts Chorus is making to tackle affordability,
a practical step in the right direction.”
FY26
5,313
FY25
3,984
SENIORS SUPPORTED
NOTES: 1,107 Digital Seniors hubs run
across North and East Auckland, Wairarapa
and Kāpiti.
NOTES: 100% of all eligible Chorus laptops.
ELIGIBLE LAPTOPS
DONATED TO RECYCLE
A DEVICE (RAD)
FY26
82
Laptops
donated
FY25
108
Laptops
donated
DIGITAL INCLUSION
CHARITABLE PARTNERSHIP
DONATIONS
FY26
$505k
FY25
$253k
VOLUNTEER LEAVE
UTILISED BY STAFF
FY26
36%
FY25
38%
NOTES: Charitable donations increased in
FY26 primarily due to the timing of payments
between reporting periods. Around $250k of
giving allocated to the FY25 programme was
paid and recognised in FY24, reducing
reported donations in FY25. On a comparable
basis, FY26 charitable giving was broadly
consistent with FY25 investment levels.

Extending impact through trusted community partnerships
Be ing able to afford connectivity is only one part of digital inclusion. People also need trusted
support, relevant information and the confidence to engage online. By working alongside
local partners, Chorus aims to help more people realise the benefits of digital connectivity.
In FY26, we funded Digital Navigator initiatives in Rotorua, Porirua and Manurewa. Working
within their communities, Digital Navigators are locals who help people understand their
connectivity options, access Equity Fibre 100 and overcome practical barriers to
getting online.
As an example, in Rotorua, our local digital navigators have created Whānau Fibre, a
community-led approach to raising awareness that feels relevant and authentic for the
people they work alongside. By working through trusted local relationships and familiar
community spaces, they're helping ensure the message reaches people in ways that
resonate. The model offers opportunities to scale and provides support through people
who already have established relationships within their communities.
Through organisations such as the Digital Equity Coalition Aotearoa (DECA) and Katoa
Connect, we also contribute to sector-wide efforts to better understand and address
the digital divide.
We continued to support digital capability and online safety through partnerships with
Netsafe and Digital Seniors over the period. Together, these programmes help people
build confidence online, stay safe from scams and access digital tools and services. Chorus
employees also contribute through volunteering at Digital Seniors workshops, helping older
New Zealanders build digital skills and stay connected to their communities.
Looking ahead, we plan to continue working with community organisations, industry
partners and advocacy groups to improve digital inclusion outcomes and help build a
more connected, capable and digitally inclusive Aotearoa New Zealand.
Removing other barriers to digital participation
Connectivity is only valuable if people have access to suitable devices. For many households,
particularly those on lower incomes, the cost of purchasing a laptop or computer remains a
significant obstacle.
To help address this challenge, we continued to support Recycle A Device (RAD) over the
period, a charitable initiative that extends the life of used laptops while providing hands-on
learning for students and communities. As part of this, we donated 82 Chorus laptops to be
redistributed to those in need.
Through RAD, donated devices are refurbished by student-led clubs and volunteer networks
before being distributed to schools, community organisations and families. This approach
delivers a dual benefit: reducing electronic waste while increasing access to technology for
those who may otherwise go without.
During the year, Chorus also continued to provide funding through our Whiria Te Aka
Matihiko Fund (our Digital Equity Support Fund), which offers grants of up to $10,000
for community-led initiatives that align with our goal of reducing digital divide barriers.
The fund is designed to support grassroots initiatives developed by organisations that
understand the needs of their communities and are well placed to create meaningful
local impact.
We are currently supporting 10 fund recipients whose work addresses different aspects
of digital inclusion, from improving access to connectivity and devices through to building
digital capability and confidence. These partnerships allow us to support innovative,
community-driven approaches while learning from organisations working directly
alongside those most affected by digital exclusion.
OUR ENABLERS - EQUITABLE CONNECTIVITYCHORUS FULL YEAR RESULTS 2026
Our enablers (continued)
34
No Tech Day morning tea at Chorus, with our charitable partner the Digital Equity Coalition
Aotearoa (DECA)
At the opening of DigiFest, local charity working to reduce digital exclusion across the
Manawatū, supported by Chorus through the Whiria te Aka Matihiko Fund

OUR ENABLERS - EQUITABLE CONNECTIVITYCHORUS FULL YEAR RESULTS 2026
Our enablers (continued)
Looking ahead
New Zealand’s digital divide is a complex challenge that cannot be solved by addressing one
challenge alone. While there is still more work to do, we are encouraged by the momentum
created through our wholesale product, our partnerships and the positive impact being
delivered through the community.
Our first Whiria Te Aka Matihiko Fund recipient is Keziah Smith, a kaiako at
Whangamarino School.
She leads a learning programme called Piki Kouras which brings together three
kura (schools) from the Te Arawa Lakes district.
Keziah applied for the fund as she saw an opportunity to expand access to robotics
and coding education for local tamariki, helping them connect culture, creativity,
storytelling and technology.
Chorus provided funds to help bring the programme to life and help equip students
with the technology and resources needed to participate. We also had the privilege of
attending the inaugural competition, where we joined the judging panel to see first-
hand the creativity, teamwork and innovation on display. The winning students were
awarded a unique experience, including a visit to the Chorus Fibre Lab and MOTAT.
Building on the success of the first event, the three kura came together again for
a second robotics competition, with the kaupapa centred around wai (water), rangi
(sky) and the whenua (ground). Students used a range of robotic technologies to
complete challenges, applying coding skills while exploring issues relevant to their
local environment.
Piki Kouras demonstrates the power of community-led initiatives to build digital
confidence and capability in ways that are meaningful and relevant to Māori
communities. By combining technology with culture, creativity and hands-on
learning, the programme is helping inspire the next generation of digital innovators,
helping Chorus in our mission to enable better futures for New Zealand.
Piki Kouras - Our first Whiria Te Aka Matihiko Fund recipient
35

FINANCIAL STATEMENTSCHORUS FULL YEAR RESULTS 2026
Financial statements
Independent Auditor’s Report
Consolidated income statement
Consolidated statement of comprehensive income
Consolidated statement of financial position
Consolidated statement of changes in equity
Consolidated statement of cash flows
Notes to the consolidated financial statements
37
41
42
43
44
45
48
36

37
FINANCIAL STATEMENTSC)OR6S FULL YEAR RESULTS 2026
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New
Zealand) (ISAs (NZ)). We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
We are independent of Chorus Limited in accordance with Professional and Ethical Standard
1 International Code of Ethics for Assurance Practitioners (Including International
Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance
Standards Board and the International Ethics Standards Board for Accountants’ International
Code of Ethics for Professional Accountants (including International Independence
Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the IESBA Code.
Our responsibilities under ISAs (NZ) are further described in the Auditor’s responsibilities for
the audit of the consolidated financial statements section of our report.
Our firm has provided other services to the Group in relation to climate related assurance,
regulatory assurance and trustee supervisor reporting services. Subject to certain
restrictions, partners and employees of our firm may also deal with the Group on normal
terms within the ordinary course of trading activities of the business of the Group. These
matters have not impaired our independence as auditor of the Group. The firm has no other
relationship with, or interest in, the Group.
To the shareholders of Chorus Limited
Report on the audit of the consolidated financial statements
We have audited the accompanying consolidated financial statements
which comprise:
OPINION
Materiality
Th e scope of our audit was influenced by our application of materiality. Materiality helped
us to determine the nature, timing and extent of our audit procedures and to evaluate the
effect of misstatements, both individually and on the consolidated financial statements as a
whole. The materiality for the consolidated financial statements as a whole was set at $10.5
million determined with reference to a benchmark of the Group’s total revenues. We chose
the benchmark because, in our view, this is a key measure of the Group’s performance.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the consolidated financial statements in the current period.
We summarise below those matters and our key audit procedures to address those matters
in order that the Shareholders as a body may better understand the process by which we
arrived at our audit opinion.
Our procedures were undertaken in the context of and solely for the purpose of our audit
opinion on the consolidated financial statements as a whole and we do not express discrete
opinions on separate elements of the consolidated financial statements.
the consolidated statement of financial position as at 30 June 2026;
the consolidated income statement, statements of other comprehensive
income, changes in equity and cash flows for the year then ended; and
notes, including material accounting policy information and other
explanatory information.
In our opinion, the accompanying consolidated financial statements of
Chorus Limited (the Company) and its subsidiaries (the Group) on pages
41 to 76 present fairly in all material respects:
the Group’s financial position as at 30 June 2026 and its financial
performance and cash flows for the year ended on that date;
In accordance with New Zealand Equivalents to International
Financial Reporting Standards (NZ IFRS) issued by the New Zealand
Accounting Standards Board and the International Financial
Reporting Standards issued by the International Accounting
Standards Board.
Independent Auditor’s Report

38
FINANCIAL STATEMENTSC)ORUS FULL YEAR RESULTS 2026
Independent Auditor’s Report (continued)
THE KEY AUDIT MATTERHOW THE MATTER WAS ADDRESSED IN OUR AUDIT
Capitalisation and carrying value of software and internally generated assets
Refer to Note 1 and 2 to the Financial Statements.

The capitalisation and carrying value of software and internally generated assets is a key audit
matter due to the significance of these assets to the Group's consolidated statement of financial
position and the level of judgement involved in determining whether costs meet the criteria for
capitalisation. The area of greatest focus relates to software, capitalised labour and other internally
generated intangible assets.
Key judgements include:
Determining whether costs associated with IT software development, digital transformation
initiatives and related employee labour costs meet the requirements for capitalisation, or should
instead be expensed as incurred;
Assessing the allocation of employee time and other direct costs to capital projects, including
the appropriateness of methodologies used to capitalise internal labour;
Estimating the useful lives of capitalised software and other internally generated assets, taking
into account the pace of technological change and expected patterns of consumption of
economic benefits; and
Assessing indicators of impairment or obsolescence, particularly in light of evolving technology
platforms, changing business requirements and the risk that software solutions may be
superseded before the end of their expected useful lives.
These judgements have a direct impact on the amount of expenditure capitalised, the carrying value
of assets recognised, and the timing of expense recognition in the consolidated financial statements.
Accordingly, we considered this to be a key audit matter.
Our audit procedures included:
Evaluating the design and implementation of key controls over the capitalisation process, including
controls relating to the approval of IT software development projects, the capture and allocation of
employee time to capital projects, and management's review of asset useful lives.
Testing, on a sample basis, costs capitalised to internally generated software and other internally
generated assets, to assess whether they met the Group's accounting policy and the capitalisation
criteria of the applicable accounting standards, including consideration of the nature and stage of the
underlying projects.
Assessing, on a sample basis, whether internal projects meet the criteria for capitalisation.
Testing capitalised labour costs by examining supporting records for a sample of employees, including
timesheets, payroll records and project allocations, to assess whether labour costs capitalised were
directly attributable to the creation or enhancement of qualifying assets and were appropriately
measured.
Assessing the reasonableness of labour rates used in determining capitalised employee costs by
comparing these rates to underlying payroll records and employee contractual arrangements.
Performing data analytical procedures over capitalised software development costs, capitalised labour
and other internally generated assets to identify unusual trends, significant movements or unexpected
capitalisation rates requiring further investigation.
Assessing the useful lives assigned to capitalised software and other internally generated assets by
comparing them to historical experience, industry practice and our understanding of anticipated
technological change and asset replacement cycles.
Evaluating whether there were indicators of impairment or technological obsolescence for significant
internally generated software and other capitalised assets and, where indicators were identified,
assessing management's conclusions regarding recoverability.
Revaluation of Network Assets 
Refer to Note 1 of the financial statements.
At year-end the Group adopted a change in accounting policy whereby Network Assets are
measured at fair value from 30 June 2026.
As a result, the Group recognised Network Assets at a fair value of $5,581 million at 30 June 2026 (30
June 2025: carrying value at cost of $4,635 million).
The revaluation of Network Assets is a key audit matter due to the significance of these assets to the
Group's consolidated statement of financial position and because this is the first year in which the
assets have been measured using a fair value model.
Determining the fair value of the Network Assets required significant judgement and estimation,
including the selection of an appropriate valuation methodology and the determination of key
assumptions used in the valuation model.
The fair value was determined using a discounted cash flow approach, which estimates the present
value of the future cash flows expected to be generated by the existing network asset base. The
assumptions with the greatest impact on the valuation include:
Our audit procedures included:
Assessing the appropriateness of the Group's change in accounting policy to measure Network Assets at
fair value, including consideration of the requirements of the applicable accounting standards and the
rationale for the change.
Assessing the competence, independence and objectivity of the external valuer engaged by
management.
With the assistance of our valuation specialists, evaluating the appropriateness of the discounted cash
flow methodology used to determine the fair value of the Network Assets by reference to valuation
standards, accounting standards and market practice for similar infrastructure assets.
In conjunction with our valuation specialists, evaluating the key assumptions used in the valuation,
including:
forecast fibre connections, by comparing assumptions to historical trends and board-approved
budgets;
forecast average revenue per user (ARPU), by reference to historical performance, board-approved
budgets and market expectations;

39
FINANCIAL STATEMENTSC)ORUS FULL YEAR RESULTS 2026
Independent Auditor’s Report (continued)
THE KEY AUDIT MATTERHOW THE MATTER WAS ADDRESSED IN OUR AUDIT
Revaluation of Network Assets (continued)
Forecast fibre connections on the existing network, including assumptions regarding future
uptake and customer growth;
Average revenue per user (ARPU) and the sustainability of future revenue streams generated from
the network;
Forecast operating and capital expenditure required to operate, maintain and support the
network over the valuation period; and
The discount rate applied to future cash flows, reflecting the risks associated with the network
assets and the broader operating environment.
Given the magnitude of the network asset base and the sensitivity of the valuation to changes in
key assumptions, relatively small changes in these assumptions could have a material impact on
the fair value recognised in the financial statements.
This, together with the complexity and judgement involved in the first-time application of the fair
value model, resulted in this area being a key audit matter.
forecast operating and capital expenditure, by comparing assumptions to historical expenditure
patterns, board-approved budgets and strategic plans; and
the discount rate, by comparing inputs and assumptions to observable market data and comparable
infrastructure businesses.
Assessing whether the assumptions used in the valuation were consistent with other areas of the audit,
including approved budgets and forecasts used by management.
Testing the completeness and accuracy of key data provided to the external valuer, including reconciling
the network assets included in the valuation model to the Group's fixed asset register.
Testing the mathematical accuracy of the valuation model and assessing whether the resulting fair value
fell within a reasonable range.
Examining whether the revaluation increment arising from the first-time application of the fair value
model had been appropriately recognised and presented in the financial statements.
Assessing the adequacy of the related financial statement disclosures, including disclosures regarding the
change in accounting policy, valuation methodology, key assumptions, and estimation uncertainty.
Revaluation of Land & Buildings 
Refer to Note 1 of the financial statements.
The Group has land and buildings are carried at a fair value of $352 million (30 June 2025:
$382 million).
The Group's accounting policy requires land and buildings to be externally revalued at least every
three years by an independent valuer. A full external valuation was performed as at 30 June 2026.
The revaluation of land and buildings is a key audit matter due to the significance of these assets to
the Group's consolidated statement of financial position and the judgement involved in determining
their fair value. The valuation requires the application of specialised valuation methodologies and
assumptions, including consideration of market evidence for comparable properties, location-
specific factors, asset condition, highest and best use assessments and, where relevant, income-
based valuation inputs.
Given the magnitude of the land and buildings balance and the sensitivity of the valuation to key
assumptions and market inputs, changes in these assumptions could have a material impact on the
carrying value of the assets and the revaluation movements recognised in the financial statements.
Accordingly, we considered this to be a key audit matter.
Our audit procedures included:
Assessing the competency, objectivity, and independence of the external valuer engaged by
management.
Evaluating whether the valuation methodologies applied by the external valuer were appropriate for
determining the fair value of the land and buildings and consistent with applicable valuation and
accounting standards.
Assessing the completeness and accuracy of the asset data provided to the external valuer by reconciling
the land and buildings included in the valuation to the Group's fixed asset register.
Evaluating the valuation of a sample of properties across different regions by comparing key assumptions
and valuation inputs, including market-based evidence to independent market data and other relevant
source information.
Examining whether the revaluation increment had been appropriately recognised and presented in the
financial statements.
Assessing the adequacy of the related financial statement disclosures, including disclosures regarding
valuation methodologies, significant assumptions, and fair value measurements, for compliance with the
applicable accounting standards.

40
FINANCIAL STATEMENTSC)OR6S FULL YEAR RESULTS 2026
Other information
Th e Directors, on behalf of the Group, are responsible for the other information. The other
information comprises information included in the Annual Report but does not include the
financial statements and our auditor’s report thereon.
Our opinion on the consolidated financial statements does not cover any other information
and we do not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements our responsibility is
to read the other information and in doing so, consider whether the other information is
materially inconsistent with the consolidated financial statements or our knowledge
obtained in the audit or otherwise appears materially misstated.
If, based on the work we have performed, we conclude there is a material misstatement
of this other information, we are required to report that fact. We have nothing to report
in this regard.
For and on behalf of KPMG
KPMG Wellington
24 August 2026
Independent Auditor’s Report (continued)
Use of this independent auditor’s report
This independent auditor’s report is made solely to the Shareholders. Our audit work has
been undertaken so that we might state to the Shareholders those matters we are required
to state to them in the independent auditor’s report and for no other purpose. To the
fullest extent permitted by law, none of KPMG, any entities directly or indirectly controlled
by KPMG, or any of their respective members or employees, accept or assume any
responsibility and deny all liability to anyone other than the Shareholders for our audit
work, this independent auditor’s report, or any of the opinions we have formed.
Responsibilities of Directors for the consolidated financial statements
The Directors, on behalf of the Group, are responsible for:
the preparation and fair presentation of the consolidated financial statements in
accordance with NZ IFRS issued by the New Zealand Accounting Standards Board and
the International Financial Reporting Standards issued by the International Accounting
Standards Board;
implementing the necessary internal control to enable the preparation of a consolidated
set of financial statements that is free from material misstatement, whether due to fraud
or error; and
assessing the ability of the Group to continue as a going concern. This includes
disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless they either intend to liquidate or to cease operations or have
no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objective is:
to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error; and
to issue an independent auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance but it is not a guarantee that an audit
conducted in accordance with ISAs NZ will always detect a material misstatement when it
exists.
Misstatements can arise from fraud or error. They are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of the consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial
statements is located at the External Reporting Board (XRB) website at
View Audit Report online
This description forms part of our independent auditor’s report.
The engagement partner on the audit resulting in this independent auditor’s report is David
Gates.

Notes
2026
$M
2025
1
$M
Operating revenue9                          1,029                        1,014
Operating expenses10                            (303)                           (309)
Earnings before interest, income tax, depreciation and amortisation                                726                             705
Depreciation1,7                            (349)                           (390)
Amortisation2,3                               (90)                              (84)
Net gains on derivatives and foreign exchange                                       -                                   4
Operating profit                                287                             235
Investing income                                      3                                   2
Profit before financing and income tax                                290                             237
Finance expense4                            (221)                           (216)
Profit before income tax                                   69                                21
Income tax expense14                               (32)                              (17)
Net profit for the year                                   37                                   4
Earnings per share
Basic earnings per share (dollars)17                             0.09                           0.01
Diluted earnings per share (dollars)17                             0.07                           0.01
FINANCIAL STATEMENTSCHORUS FULL YEAR RESULTS 2026
41
Consolidated income
statement
For the year ended 30 June 2026
Financial statements
The accompanying notes are an integral part
of these consolidated financial statements.
1
Prior periods have been retrospectively restated to reflect the early adoption of NZ IFRS 18. Refer to notes to the consolidated financial statements.

FINANCIAL STATEMENTSCHORUS FULL YEAR RESULTS 2026
42
Consolidated statement of
comprehensive income
For the year ended 30 June 2026
Note
2026
$M
2025
$M
Net profit for the year                                  37                                   4
Other comprehensive income  
                                    -
Movements in effective cash flow hedges19                                  (8)                              (61)
Amortisation of de-designated cash flow hedges transferred to Income Statement19                                     4                                   4
Movement in cost of hedging reserve19                                     4                                   2
Items that will be reclassified subsequently to Income Statement when specific
conditions are met net of tax
                                       -                              (55)
   
Total comprehensive profit/(loss) for the year net of tax                                   37                              (51)
Financial statements
The accompanying notes are an integral part
of these consolidated financial statements.

FINANCIAL STATEMENTSCHORUS FULL YEAR RESULTS 2026
43
Financial statements
Consolidated statement
of financial position
For the year ended 30 June 2026
Notes
2026
$M
2025
$M
Current assets   
Cash and call deposits15                   199                     81
Trade and other receivables11                   175                  152
Derivative financial instruments19                      21                        1
Total current assets                    395                  234
Non-current assets   
Derivative financial instruments19                   233                  238
Trade and other receivables11                         9                        7
Customer retention assets3                      83                     71
Software and other intangible assets2                   129                  140
Network assets1               5,876             5,016
Land and buildings1                   352                  382
Total non-current assets                6,682             5,854
Total assets                7,077             6,088
Current liabilities   
Trade and other payables12                   269                  239
Income tax payable                          6                        3
Lease payable5                      12                     15
Derivative financial instruments19                         5-
Debt4                   112                  220
Total current liabilities excluding Crown funding                    404                  477
Crown funding7                      28                     28
Total current liabilities                    432                  505
Non-current liabilities   
Trade and other payables12                      11                     11
Deferred tax liability14                   672                  378
Derivative financial instruments19                      77                     60
Lease payable5                   135                  147
Debt4               3,204             2,918
Total non-current liabilities excluding NIFF and Crown funding                4,099             3,514
National Infrastructure Funding and Financing (NIFF) securities6                   672                  627
Crown funding7                   844                  875
Total non-current liabilities                5,615             5,016
Total liabilities                6,047             5,521
Equity 
  
Share capital16                   578                  578
Reserves1,19                   947                  267
Retained earnings (495)(278)
Total equity                1,030                  567
Total liabilities and equity                7,077             6,088
The consolidated financial
statements are approved
and signed on behalf of
the Board.
Authorised for issue on
24 August 2026
Mark Cross
Chair
Kate Jorgensen
Chair, Audit and Risk
Management Committee
The accompanying notes are an integral part
of these consolidated financial statements.

FINANCIAL STATEMENTSCHORUS FULL YEAR RESULTS 2026
44
Notes
SHARE
CAPITAL
$M
REVALUATION
RESERVE
$M
OTHER
RESERVES
$M
RETAINED
EARNINGS
$M
TOTAL
$M
Balance at 1 July 2024 57827250(59)841
Comprehensive income      
Net profit for the year ---44
Other comprehensive income 
Movement in cash flow hedge reserve19--(61)-(61)
Amortisation of de-designated cash flow hedges
transferred to Income Statement
19--4-4
Movement in cost of hedging reserve
19--2-2
Total comprehensive (loss)/income for the year net of tax --(55)4(51)
Contributions by and (distributions to) owners: 
Dividends
16---(223)(223)
Total transactions with owners ---(223)(223)
Balance at 30 June 2025 578272(5)(278)567
Comprehensive income 
Net profit for the year ---3737
Other comprehensive income 
Movement in cash flow hedge reserve19--(8)-(8)
Amortisation of de-designated cash flow hedges
transferred to Income Statement
19--4-4
Movement in cost of hedging reserve19--4-4
Movement in revaluation reserve1-680--680
Total comprehensive income for the year net of tax -680-37717
Contributions by and (distributions to) owners: 
Dividends16---(254)(254)
Total transactions with owners ---(254)(254)
Balance at 30 June 2026 578952(5)(495)1,030
Consolidated statement of
changes in equity
For the year ended 30 June 2026
Financial statements
The accompanying notes are an integral part
of these consolidated financial statements.

FINANCIAL STATEMENTSCHORUS FULL YEAR RESULTS 2026
45
Consolidated statement
of cash flows
For the year ended 30 June 2026
Financial statements
Notes
2026
$M
2025
$M
Cash flows from operating activities   
Cash was provided from/(applied to): 
Receipts from customers 1,0241,019
Payment to suppliers and employees (280)(310)
Taxation paid                                    (4)-
Net cash flows provided from operating activities 740709
Cash flows applied to investing activities
  
Cash was provided from/(applied to):  
Purchase of network and intangible assets (374)(397)
Interest received                                      32
Proceeds from sale of network assets 53
Capitalised interest paid                                    (1)(2)
Net cash flows applied to investing activities (367)(394)
Cash flows from financing activities 
Cash was provided from/(applied to): 
Payment of lease liabilities                                 (13)(14)
Interest paid                             (161)(152)
Crown funding                                       -4
Repayment of NIFF securities                                       -(170)
Proceeds from debt                                944662
Repayment of debt                              (771)(385)
Share vested under the long-term performance share scheme                                       -(1)
Dividends paid                              (254)(223)
Net cash flows applied to financing activities                              (255)(279)
Net cash flows                                11836
Cash at the beginning of the year                                  8145
Cash at the end of the year15                               19981
Cash comprises: 
Bank balances and on-call deposits                                   4233
Short-term deposits with original maturity less than three months                                15748
Total cash                                19981
The accompanying notes are an integral part
of these consolidated financial statements.

FINANCIAL STATEMENTSCHORUS FULL YEAR RESULTS 2026
46
Consolidated statement
of cash flows (continued)
Reconciliation of operating profit to
net cash flows from operating activities
Financial statements
Notes
2026
$M
2025
$M
Operating profit for the year  287                                   235
Adjustment for:   
Depreciation of network assets1 380                             420
Amortisation of Crown funding7(31)                              (30)
Amortisation of software and other intangible assets252                                51
Amortisation of customer retention assets341                                37
Proceeds from sale of network and intangible assets (5)                                 (3)
Taxation paid  (4)-
Other 2                                   (4)
  722                             706
Change in current assets and liabilities: 
  
Increase in trade and other receivables11(25)                                   1
Increase in operating trade payables1243                                   2
  18                                   3
Net cash flows from operating activities 740                             709
The accompanying notes are an integral part
of these consolidated financial statements.

FINANCIAL STATEMENTSCHORUS FULL YEAR RESULTS 2026
47
DEBT
$M
CROWN
FUNDING
$M
NIFF
SECURITIES
$M
LEASE
PAYABLE
$M
SHARE
CAPITAL
$M
RETAINED
EARNINGS
$M
Balance at 1 July 20242,626929744159578(59)
Movements from financing cash flows
Payment of lease liabilities---(14)--
Proceeds from debt6624----
Repayment of debt(385)-(170)---
Dividends paid
-----(223)
Total changes from financing cash flows
2774(170)(14)-(223)
Other cash flows
Interest paid on leases---(11)--
Non-cash movements
Movements in fair value (including foreign exchange rates)231-----
Transaction costs and amortisation related to financing4(30)----
Notional interest--53---
Lease movements---13--
Net profit for the year ended 30 June 2025-----4
Balance at 30 June 20253,138903627147578(278)
Movements from cash flows
Payment of lease liabilities---(13)--
Proceeds from debt944-----
Repayment of debt(763)-----
Dividends paid-----(254)
Total changes from financing cash flows181--(13)-(254)
Other cash flows
Interest paid on leases---(14)--
Non-cash movements
Movements in fair value (including foreign exchange rates)(8)-----
Transaction costs and amortisation related to financing5(31)----
Notional interest--45---
Lease movements---27--
Net profit for the year ended 30 June 2026-----37
Balance at 30 June 20263,316872672147578(495)
Financial statements
Consolidated statement
of cash flows (continued)
Reconciliation of movements of liabilities
and equity to cash flows arising from
financing activities
The accompanying notes are an integral part
of these consolidated financial statements.